In my personal opinion, once you put something on the web, its out there in the public domain (with the exception of copywritten content, in which case you've appealed that the law protect your intellectual property from being used for someone else's monetary gain). Would I be pissed if a photo of mine wound up used in a Facebook marketing campaign? Sure, but this is happens all the time with web marketing services and at least Facebook is announcing they plan on doing it. Would I be angry if ads were to target me? Yep, which is why I don't add too much personal information. But there's actually other Facbook privacy violations that are much more potentially exploited. In the end, users need to be responsible for the content they put out there and be more aware of how to protect themselves.
I'm going to post some other links on the subject and let you investigate if you have concerns:
- a very comprehensive list comparing various privacy statements for major social, photo and video posting sites.
- Facebook founder's response to the flap
- Facebook caves under pressure and decides to go back to original terms of agreement