Facebook is coming out with a new form of Facebook Page which will be managed by the entire community. Facebook is also introducing new privacy settings that will enable every facebook users to control what they want to share with their friends, family, and other friend lists
The “Friends, Tags, and Connections” section on the Privacy Settings page lets you control whether the content in this section will appear on your profile. However, since the information in this section is jointly owned with others (i.e., another friend or a community on Facebook), these privacy settings only govern what others see on your profile. For example, if you’ve connected to a Page for your school, you can hide this section on your profile, but you might still appear on the Page itself as someone who has connected to the Page or posted on its Wall. Applications you and your friends use also have access to your connections.