I recently bit the bullet and deleted my FB account - I've had concerns about privacy on there from the get go. I did however start a new account using a name that is similar but not quite the same as my real name. I figure it will be hard for most people to find me that aren't in my immediate circle of trusted friends.
So, now I am starting to re-friend everyone which also has a couple of advantages. I get to say hi to a few people I haven't been in direct contact with when I drop them a new friend request and also have an excuse for dropping a bunch of people I should not have added in the first place (very old people from school I never really liked nor wanted remain friends with anyway). Further to this I can explain to a few people that ask why I deleted my account why I did so and spread the message of FB privacy issues.
Overall, I feel that at least now with a semi anonymous name/profile I am much less likely to be faced with these major privacy issues cropping up and can enjoy FB that much more.