"Each of us on average has hundreds of friends on Facebook. When you share things on Facebook, you have to share it with all of them! How stupid is that?" It would be stupid ... if it were actually true. Facebook's privacy controls are actually pretty sophisticated now: by default I have anything I post shown to friends of friends, but excluding certain people. For potentially controversial status updates I restrict…
I do agree with this, obviously, whole-heartedly. But, at the same time, I feel like the lack of research in this case is kind of making a point of its own. The circles feature has garnered a lot of praise from people while it seems that very few people even know about Facebook lists and even fewer even use them (if the articles and discussion on HN are any indication). A feature nobody knows about is as good as missing and I'm sure their designers are going to have some fun if FB decides they need to emphasise their lists more.