The New York Times' Personal Tech section attempts to explain Facebook Privacy options in a single, condensed, well-meaning infographic. As could be expected, it is a mess.
http://www.nytimes.com/interactive/2010/05/12/business/facebook-privacy.html

[May 12, 2010] "To manage your privacy on Facebook, you will need to navigate through 50 settings with more than 170 options. Facebook says it wants to offer precise controls for sharing on the Internet."
Related article: http://www.nytimes.com/2010/05/13/technology/personaltech/13basics.html?pagewanted=print