That blocks advertising sites regardless of browser. I also have added facebooks's domains to my hosts file (needless to say I don't use Facebook).
Better than "Private Browsing" or "do not track" for 3rd-party surveillance, because it will not load other server's tracking images / javascript.
Only downside: expect some frustration when shopping online. It will break your first attempt at paying for anything via 3rd party payment services (which often use 3-4 different redirects to obscure banking providers - and each redirect / iframe will fail, of course). You can whitelist those, but it is more work.
(I mean this from the point of view that you are a Facebook user who doesn't want to receive profiled advertising as described in the article.)
Chrome has a similar feature if you open a new "Incognito Window".