On the whole, we're still in the middle of a huge transition in the ways we communicate with each other, and the degrees to which we trust third parties with information that rightfully belongs to us. Facebook is no more accountable to its users than any other service; and no matter how much we might bitch and moan about changes in their privacy policies, the fact is that they are going to use our information in as many ways as they can to make money. Sharing information directly with third parties is the most obvious, but there are plenty of indirect means.
Now that we can't hide ourselves, we're bound to attract more friends. Every one of those relationships is a potential revenue stream, either directly or indirectly. Folks at MIT recently demonstrated that they can determine to a high probability who on Facebook is gay without knowing anything about them except their friends. I'm sure the same technique applies to religion, various types of hobbies, and a number of other things we don't always give as much thought to, like criminals, terrorists and the like. These affiliations and attributes have to be a gold mine for someone, and the policy changes are a new mother lode.
I'm glad that EPIC, FTC, etc., are interested in our privacy, as they can exert pressure to change things in ways that we as users cannot. What I'd really like to see out of all this might be some kind of formal privacy impact review before changes to social networking policies are made. Any change that degrades privacy would need to be identified by third parties, justified or mitigated by the social network, then reviewed again until it's clear that users will be better off after the change than they were before. I think that expecting users to flee a service following troublesome changes is unrealistic. The users are caught between a rock and a hard place, and Facebook will continue twisting their arms as long as the users are paying more attention to their friends and apps than they are to their privacy.
It will be sad, yet very interesting at the same time, to see what happens when lost privacy demonstrably results in crimes of various sorts. Facebook may find that its greed has a higher human price than it might ever have realized.