Facebook has recently unveiled one of the biggest privacy overhauls in the company’s history.  Although there are implications for business pages, the majority of these changes directly affect personal accounts. Below is a brief overview of the new features:

• Profiles: users will have greater profile control as privacy settings now appear directly next to content posted to a user’s profile. Users can choose whether to publish items publically, only to friends or other subsets they’ve created. This may affect a brand’s search engine results and rankings if users choose to limit sharing of brand-related content only to certain groups.
• Tags: users can now approve and reject photo, status or location tags before they appear on their profile. Because of this new default setting and feature, Facebook will allow users to tag anyone in a photo, regardless of whether they are friends.
• Status Updates & Location: Users can now tag a location in any status update, photo or photo album, regardless of whether they are actually nearby. Location tags in users news feeds will make brands and deals more visible as they flow into friend’s news feeds.

For further reading, please reference Mashable’s Article Facebook’s Big Privacy Changes: An Overview.