It's true that someone could figure out a partial list of who you were friends with by spidering the friends lists of others who had chosen to share their list, but that is no justification for removing privacy.
Re your second point though: I think it's much more important that people understand where they really stand in terms of what is private, even if that isn't everything they'd like- as opposed to discovering later that something they thought was private could be accessed via a workaround.
It's important to tell people to know where they really stand in terms of privacy, and then continue to do your best to protect it. The fact is that privacy - like security - is not a binary. It's something that you protect with various overlapping strategies that reduce the risk as much as possible. Few people expect Facebook to provide them with total protection of their data; instead, they expected them to do the best they can. And that's what Facebook has done for the past five years; they went far beyond anyone else in terms of protecting privacy, and even after they were miles ahead of the competition, they continued to improve it. Now they've destroyed all of that progress in the scope of a few days.
What really did piss me off, however, was the re-classification of my profile picture and friends list as publicly-available information. Maybe I'm misreading the policies, but it seems like there's now no way to not share/make available to third-party apps my picture and friends list - which I previously didn't share with any non-friends.