I was curious how the figure leaped from the 270k cited in the Facebook press release to this 50M figure.
It sounds like they never had full access to the Facebook profiles beyond the 270k who installed the app, but just harvested the friend lists of those 270k. This doesn't give the app developer full access to the friends' profile data, but I guess once you have the network of friend connections you can use other public data sources to fill in or infer the gaps. And of course some of those 50M will have FB profiles that are fully public open books ready for anyone to harvest.
I will say as someone who has developed Facebook apps, the whole ecosystem is pretty much on the honor system for protecting user data. There are some seemingly random and capricious (and often erroneous) abuse detection algorithms, but once an app has access to user data who knows what they do with it and whether it was kept secure -- surely Facebook has no idea unless they perform invasive manual physical audits.