Earlier quoted context omitted.
The privacy argument invariably turns to someone talking about their privacy settings being perfect.... The elephant in the room is that you have no privacy FROM FACEBOOK, and they OWN YOUR DATA. Soon enough, they'll be leveraging it in order to stay afloat....
They DO NOT OWN YOUR DATA. They have a license to it so they can use wherever they want during your site. And pay close attention here: "Facebook only has access to information you give it". Think about that for a second.
Are you going to pretend that there is much difference between owning it and having a license to use it however they want?
Your last point is noted, hence why I do not use their site... It's the most interesting point in that most people never think about it. That's why Facebook is evil.