Facebook or Facebalk?

I have not had the time to comment on the absurdity of the Facebook 'We own your ass even if it's not yours and will do what we want with it when we see fit' privacy policy. I was also a bit disappointed that by the time I was able to comment the overwhelming voice of the users won out and relieved Facebook came to their senses.

Having been a member of the IAPP (International Association of Privacy Professionals) and seeing the balancing act that companies go through to write a solid one, I can't help but wonder if Facebook will get a free membership out of this so that they can figure it out.

It was also interesting that no one freaked out when AOL and Yahoo changed their privacy policies - although their changes had a lot less potential harm embedded - and I have to wonder why Facebook and not AOL or Yahoo?

Better designed offering?
More Users?
Different demographics?
The ability to instantly share your views with friends of friend's friends
The absurdity of it?

I hope my old friends at the Berkman Center at Harvard Law School keep on teaching law students about this kind of stuff so that students of theirs never write drivel like that policy again.