"A  new drop-down menu will appear next to individual status updates and  pieces of profile information (see above), enabling users to select the  “audiences,” groups, and friend lists who can see those bits of their  personal lives. The View Profile As tool will now reside at the top of  your profile page rather than deep in the privacy settings, making it  painless to preview what your mom will see before approving her friend  request. Keep reading for a breakdown of some of the other big  additions."
-Washington Post
-Washington Post
Now, you will also be able to tag  people who are not yet your friends, with users being able to accept or  deny those tags before they're associated with you.  An ideal feature  for night's that you would like to forget by not being tagged performing  a "keg stand".  It helps protect your online integrity and private  life.  
A couple other features include:
- Geo-location in status updates
- Ability to change who sees Facebook updates after they've posted.
- Change of "Everyone" terminology to "Public" (borrowing the lingo from Google+)
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