The UK-based Guardian posted a story today that an engineer from Google discovered a flaw in Facebook's Graph API where all events you have participated in or are planning to participate in cannot be kept private.
My reactions are (1) given Facebook's privacy policy trajectory, I am not surprised, and (2) given the threat that Facebook represents to Google, I am not surprised that a person from Google found the flaw.
If anything is going to blunt Facebook's popularity, it's going to be privacy issues. And I say this despite the long history of consumers willingness to give up privacy to gain convenience, e.g. Debit Cards.