The "Deactivate your account" button is still the only privacy setting you need to click. The implications are only for facebook - now they have more rope to play with - and something else to maintain - this does nothing for users, who expressly waive their right to privacy from the outset in setting up an account.
Deactivating is designed to leave your account intact in case you change your mind. In fact, some people use this as a super-logout, deactivating their account when not using it. If you want to truly delete your account, the best way to express that intention is the harder to find button to delete your account.
I find more useful keeping your account activated and reasonably empty. This prevents anyone from grabbing your name and imposing you, and allows you to use Facebook login at various sites without sharing too much.
Depends on what your name is. The John Smiths of the world don't have anything to worry about on that front. I know of at least two other Vincent Guidrys. One's my father, the real-world consequences of that naming collision far dwarf anything Zuckerberg introduced into my life.
