I think the more obvious and immediate threat to privacy is that anyone can see the contents of your facebook stream right on the lock screen; and they can even interact with the contents without unlocking the phone.
It would be entirely optional to use that widget, however, unless FB Home is able to replace the lock screen itself. As far as I know, that can't be done without rooting the device.
Now, whether or not it replaces the lock screen when it has a passcode/security, is a different story.
But, by default, your FB info is available just by tapping the unlock button/home button BUT BEFORE you unlock.