If I go to a web site that specifically gives me options to control how my data is viewed, I expect those options to be enforced.
I also expect that those options will not be arbitrarily reset in a given update without my consent or even warning me about possible changes.

Now, if I go to a website that specifically states that anything I put on it can and will be sent to third parties (ahem, like the Inq comment section), then I have no one to blame but myself if I post something I'd rather not see anywhere else.

It is a question of what you pledge to do. Yes, the Internet can be a dangerous place and no, no website is totally hack-proof. But Facebook's problems do not stem from hacks, they stem from the "promise one thing, deliver another" issue and you cannot seriously expect users to just shrug and say "yeah, well, it's the Web, whaddya expect ?".

Disclaimer : I do not have a Facebook profile nor will I ever have one because I trust Mr Bitch and his running mouth less than I trust my mother-in-law.

You're on facebook but you expect privacy? Really?