I just saw the announcement of the Facebook Home "wrapper" application and I am utterly horrified at the possibilities that it presents.
While I understand that free software needs to be paid for somehow and I am all for getting services in exchange for a little of my data I balk at the idea that allowing something as intimate as my entire smart-phone experience to be run by Facebook.
One can be guaranteed that the recipients of your phone calls would fairly soon be in receipt of "Thought you might like..." SMS messages purporting to be from you but in fact via the great Facebook machine. How about voice recording and analysis of your phone-calls by their server farm to harvest as much data as possible? What about interjecting spoken word adverts into long pauses in your phone conversations?
Honestly, anyone who signs up to use Facebook Home must be among the most naively stupid and gullible twerp on the face of the planet. Either that or they simply have no sense of or desire for privacy whatsoever.