Matt McKeon has created an instructive graphic comparison of changes to Facebook’s default profile settings since 2005.

Facebook default privacy settings in 2005

The transition between relative and a more or less complete lack of privacy is easy to grasp in this form, and much easier to understand than the labyrinthine multi-page Facebook terms and conditions, or even the manual privacy controls which the majority of its users never alter.

Facebook default privacy settings in 2010

So is this cause for celebration of a more open web or a revealing representation of the cynical interests of an unaccountable corporation in action?

Postscript: some important points on this topic from Jeff Jarvis.