Is That Facebook Privacy Notice Post Real Or Fake? Will It Protect My Pictures And Stuff?

I'm sure you've seen the millions of people out there in Facebook land posting their legal-sounding notice about their profile information. It looks so good, and sounds so legit, it has to be a real thing, right? Should you take a moment and join the crowd? Will it liberate you from the fear that Facebook will steal your photos and posts and use them for nefarious ends?

Short answer: You're boned. Sort of.

Longer answer: You signed the Terms of Service when you signed up, giving Facebook the option of using the content you create. Facebook claims they do not own the content, but you have given them the right to "distribute" it.

You own all of the content and information you post on Facebook, and you can control how it is shared through your privacy and application settings. In addition:For content that is covered by intellectual property rights, like photos and videos (IP content), you specifically give us the following permission, subject to your privacyand application settings: you grant us a non-exclusive, transferable, sub-licensable, royalty-free, worldwide license to use any IP content that you post on or in connection with Facebook (IP License). This IP License ends when you delete your IP content or your account unless your content has been shared with others, and they have not deleted it.
Via Facebook Legal Terms

So, while you still retain "ownership" of the things you post, you've given Facebook signed permission to use anything you post on their system for their own ends. If you don't want it used, delete it or don't put it up in the first place.