Facebook actually had it perfect back in the day. Unless you're my friend, you see nothing but my name and my profile picture. No crazy controls or rocket science.
What about the other half of the equation: if you're my friend, you see everything. Maybe I don't want that. Maybe I want only my closest friends to see certain information.
That is the really nice thing about this - it looks to be totally trickle down .. from a base setting to groups to individuals within those groups
That's what I liked about the old Facebook, there was a deterrent to mass friending.
What if you wanted to make your profile open? Facebook circa 2006 didn't let me do that—at least not in any way discoverable to me.