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Facebook is an Internet and societal phenomenon. In just a few years it has claimed a significant proportion of the world's population as regular users, becoming by far the most dominant Online Social Network (OSN). With its success has come a good deal of controversy, especially over privacy. Does Facebook and its kin herald a true shift in privacy values, or despite occasional reckless revelations, are most users actually as reserved as ever? We argue it's too early to draw conclusions about society as a whole from the OSN experience to date. However, Facebook in particular brings a number of compliance risks in jurisdictions that have enacted modern Information Privacy Law.