Ali,
Facebook was built for and is meant for *sharing*! With time, I have seen FB make us want to share more and more, recommend to us 'friends' at every turn and inevitably there will be a clash between the sharing and our privacy!
Also, there was a time our Newsfeeds were very clean, you'd actually get to know what your friends were upto, but I do find its now looking unrecognizable; its become this very noisy marketplace! Or maybe I am gettitng old :-)
Privacy unfortunately plays 2nd fiddle to sharing. For me, the straw that broke the proverbial camels back is seeing photos that I had taken on my phone already auto-uploaded and semi-shared in my timeline, and with an absent minded click, I would have shared all on the my timeline!
I got the app off my phone immediately, but kept the web desktop as I do continue to use it once in a while.
I have also seen that FB has been collecting all our Phone records, calls + SMS as written about on Verge...