I just received the following alert from ASMP regarding Facebook's "new and improved" (AKA insidious and treacherous) user agreement. Of course, it is new and improved - in a way that benefits Facebook but not photographers.

Take a look at the following web page for a cut to the chase type discussion on Facebook's user agreement: http://asmp.org/fb-tos#.Uioq-caThWk

This is the email I received:
The new Facebook Terms of Use have been modified to allow the company to sell virtually anything that is uploaded to the service, including all your photos, your identity and your data. Facebook has also explicitly removed the privacy protection from the commercialization rights.

This means that any photos uploaded to Facebook may be sold, distributed or otherwise commercialized with no compensation to the photographer. These new terms of service go into effect today [9-6-2013].

If you wish to provide feedback to the company, you can contact them at
ASMP will continue to work to modify the terms of use to be more favorable
to photographers.

Here's the most important language:

"You give us permission to use your name, and profile picture, content, and information in connection with commercial, sponsored, or related content (such as a brand you like) served or enhanced by us. This means, for example, that you permit a business or other entity to pay us to display your name and/or profile picture with your content or information, without any compensation to you. If you have selected a specific audience for your content or information, we will respect your choice when we use it."

Visit http://asmp.org/fb-tos#.Uioq-caThWk for a Q&A on this subject.
Moral of the story: If you post your photographs on Facebook, expect them to be distributed, marketed, sold and exploited in a manner that brings maximum revenue to Facebook - and no revenue to you.