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I am pretty happy with settings I have chosen overall for Facebook. I do not post all of the time. I do not accept friend requests from anyone I do not know. I do need to be careful about the setting of pictures that I post. I don't like that many identifying factors show up in simple photos I want to share with family and friends.
The big surprise for me was the ad settings. I do not like that online activity is so easily tracked. I changed several ad settings after reading what information is shared. I do not like when I buy something online and then when I open my Facebook account; there it is! the item I purchased in an ad for the company it was purchased from.
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