I have to say I'm proud of Facebook for the new settings page.  It used to be account settings, security settings, and privacy settings were each separate things, I believe.  Not integrated.  Certainly security settings was off in its own little corner.

Two things though:

I think the Privacy and Timeline and Tagging panes should be merged because a user is not done getting his privacy settings all figured out until he has visited Timeline and Tagging.

I think Facebook should be more clear about what they mean when they say "your timeline."  When they say it, it doesn't actually mean your timeline; it often means your timeline and your friends' news feeds.  (Or more accurately, whoever's news feeds you're publishing to per your post visibility settings, who your friends are, and who your subscribers are, if you have any.)

ETA:  And a third thing (I lied about there being "two things"):

There used to be and may still be, in some way shape or form, little known settings that allowed you to control the types of posts coming from your "Timeline" or formerly "wall" (but not necessarily coming from you directly, which is where this gets kind of confusing).  I believe these settings were fairly easy to get to with an "options" link or something of that nature right up at the top of your wall (when viewing your wall, but not when viewing your news feed and not when viewing any of the normal settings pages on the site).  So what are these settings I speak of?  They allowed you to do stuff including prevent Facebook from automatically creating an item in other people's news feeds when you commented on somebody's posts ("Solomon commented on…", you could disable that), creating an item in other people's news feeds when you friended somebody ("Solomon is now friends with…" - this one I hated soooooooo much, thought it was kind of spammy to be honest, and wished I could filter out that kind of story in my own news feed, but this and the others in this group of settings were to prevent Facebook spamming your friends, not for blocking spam from your friends).  They also had one for preventing "Solomon liked…" but that did not apply to certain things which was really annoying and confusing (I don't remember how bad this was exactly, but remember, there's likes on your friend's posts, then there's likes on Facebook Pages (like for brands and stuff) and then there's likes on pages outside of Facebook, using the social plugins, and Facebook may have treated these all separately with one setting that applied to one of the categories but not the other two or two of the categories but not the third).

I don't know if these settings still exist, but they don't have a link to go to them anymore as far as I can tell.  However if you go through your Timeline and find a story like "[your name] commented on," try hiding it with the edit icon, and see if it gives you an option to "hide this kind of story" or something like that.  (I certainly wouldn't be able to find anything like that in my Timeline; I think what I set up in the past has carried over.)

Anyway, the reason I bring this up is 1) I'm not about to give Facebook credit for integrating their settings into one place if there's a dangling, or worse, deleted (it was effectively deleted to begin with but still) group of settings somewhere in the distance, screaming out in agony (maybe a little dramatic?) and 2) THOSE WERE REALLY IMPORTANT SETTINGS.  This is a big privacy issue I have with Facebook (as well as a news feed noise / spam / low quality content issue).  Facebook goes and posts things for you that you haven't told it to post and you don't necessarily know it's posting.  It's not that huge a privacy issue, since commenting on a company's page, for instance, is public, so who cares if your friends see it?  But that's where it gets complicated.  Did I just say that?  No, sorry, it's already gotten pretty complicated.  If you've read this whole thing, thank you for going on that journey with me (through Facebook history and the art of epic decentralized settings all over the place).  And have a merry Christmas and a happy New Year.
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