A lot of people in my network had restricted their profiles as well. However, due to some change (I guess around two weeks ago), most of those profiles are somewhat open again, and I can access information that was blocked before. I really dislike having to lock down my profile again everytime Facebook changes this stuff.
Most, if not all the people I know, have long restricted their profile to a minimum visibility level for non-fiends and non real friends.
At the moment I do not see the privacy problem as big as it used to be 12 months ago.