Additionally, USAToday reports that the new settings will add "an opt-out feature for a myriad of non-Facebook applications."
Says CEO Mark Zuckerberg: "A lot of people are upset with us. One of the big takeaways is: Don't mess with the privacy stuff for a really long time."
Facebook has over 450 million users, and recently became the most trafficked site in the United States, surpassing even the mighty Google.
Last week, rival social networking site MySpace simplified their own privacy settings. Said MySpace Co-President Mike Jones: "Given all the noise in the industry, we want to get out and state a clear position so that our users understand that we take privacy very seriously."