The biggest change is allowing users to view their profile from the perspective of any of your Facebook friends.
This does go some way to clarifying the effect of the various privacy filter options. Tweak your settings and check how your profile looks to certain friends.
What it lacks is the ability to view your profile as a user you don’t know, a friend of a friend for example. I’d also be interested as a user in how much of my information a brand page that I follow can see. These options would be useful.