Coming up; New Facebook privacy control features.
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In order to cope with increasing challenge from Google+, Facebook is introducing new features, especially simple and enhanced privacy control options. As per Facebook tagline, You will soon be able to use new up-front privacy controls to decide
what appears on your profile and who can see it. You’ll also be able to
control who sees posts--even after you share them.
New features include much awaited features, such as more control over tagging and editing privacy of already shared contents.
Choose who you share with
Privacy controls have moved
right next to things you share, so it's clear who sees your stuff. You
can pick and choose who sees what — like share your hometown with
friends, but only let family see your phone number.

Review tags before they go on your profile
Now
you can choose to approve or reject photos and other posts people tag
you in before they appear on your profile. To turn this on, go to the
Manage How Tags Work section of your privacy settings and turn on
Profile Review.

Changed your mind? No problem.
Have
you ever shared something with all your friends, then later wished you
could limit who could see it? Now you can go back and change the
audience for something after you post it.
Know what others see on your profile
Use the View As... tool to see what people see when they look at your profile.
Manage privacy right where you post
You can choose who sees your status updates, photos and profile info using the inline audience selector — when you share or afterwards.With most of your controls now up front, your privacy settings page has been simplified.
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