The headline says it all - Facebook has rearranged its privacy rules after massive bad feedback from users on multiple social networks. The issue spread as far as news sites including those of international broadcasters and newspapers.
There had been plans for members to use 31 May as a mass quitting day if the company didn't capitulate. It has now said the revamped privacy settings are history and it will announce the replacement on its blog tomorrow (26 May).
As it stood, your Facebook page would become searchable by default to anyone on the Internet. If you deselected the option it would still be searchable if any of your contacts were searchable.
I still say if you don't want people to find you on the Internet, don't put a Facebook page up there. Anything that appears under your name is likely to attach to you at some stage and I'd always advise anyone who was new to the Net to consider carefully whatever they put online.