These changes are not for the individual user's benefit. They are about generating more users and maximizing advertising. Facebook is hoping that the user will stay with the default settings given, in the security pop-up, and not change them to the "Old Settings" option provided.
Facebook insists that it has gone out of its way to inform its users that the privacy settings were changing. It also points out that the privacy settings can be kept, just as they are now if the user specifies that they are to be kept. The problem in the eyes of the user groups is that the default or recommended settings opens the profiles up to many more viewers.
Bottom Line; Do not keep the recommended settings, but do check the boxes to keep your old settings intact. Routinely check your privacy settings.
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