Accessing a user's page from the regular directory will also allow you to click through to friends' profiles. This is nothing that wasn't already available.
I just feel like after the recent legitimate privacy concerns Facebook has had, people are now trying to break the next big Facebook scandal and in doing so are bringing up pretty ridiculous points like your public information being public. I don't feel that this is a failure on Facebook's part, it is a failure on the users part for not understanding what public means or just not paying attention.
I had a similar thought progression, but then I went from "What did we do?" to "Oh crap is Jupiter going to blow up or something" and finally "Wait, that is stupid"
I was worried about the same thing before I got my iPhone... sure I used it more when I first got it because of the novelty, but since it is actually incredibly useful I still use it all the time.
A bread-maker isn't the same because it only does one thing. It makes bread. An iPad/iPhone does a million things and I am still discovering new ways to use my iPhone.
Now whether the same kind of usability translates from the iPhone to the iPad is yet to be seen, and I'm a little skeptical if only because of the reduced portability, but it is hardly on the same level as your bread-maker.
The same bread-maker argument could be made for a laptop, or a PC, or any number of things