Here is the gist:
Somehow we missed this point with Feed and we didn’t build in the proper privacy controls right away. This was a big mistake on our part, and I’m sorry for it. But apologizing isn’t enough. I wanted to make sure we did something about it, and quickly. So we have been coding nonstop for two days to get you better privacy controls. This new privacy page will allow you to choose which types of stories go into your Mini-Feed and your friends’ News Feeds, and it also lists the type of actions Facebook will never let any other person know about. If you have more comments, please send them over.
The comes in response to protests by hundreds of thousands of Facebook’s users about the features, which let users automatically see the updates on pages of other members of their college and chosen circle of friends. Protesters said it made it even easier for stalking and annoying voyeurism.