So how come no country except America gets a say in a corporate policy that's likely to affect so many people internationally?
Reassuringly it sounds pretty stringent. Essentially Facebook appears to have agreed to annual FTC inspections for the next two decades, inspections which will take in policies and how they are put into practice.
Diffr'ent strokes for diff'rent blokesThis should satisfy a lot of the people in America who have been concerned with what the company has proposed to do with their information for quite a while now. America isn't the only territory whose Facebook members have had concerns but of course as it's an American company that's the territory that's going to make a difference.
What would be really useful would be some sort of campaign by Facebook or its friends - or even foes - to alert other countries to some of the laws peculiar to the US in terms of data, and indeed some of the practices which are asking for trouble whether they're part of Facebook policy or not.
Alarming amounts of people are still putting loads of information online which makes identity theft easy, though, without the help of the Authorities on either side of the Atlantic. Huge amounts of people put their dates of birth, 'friend' their parents and add their location. Home, age, mother's maiden name - you can see how easy it would be to fake some sort of credit card application with those pieces of information.
And just don't get me started about people who Tweet or announce in their Facebook updates that they're on holiday then get home to find they've been burgled.