Tonight, Facebook implemented their new privacy settings.
One bug that users have found so far is that when you goto make a post, no matter what your privacy settings are set at, they can only be seen by you.
None of your friends can see your posts. Until it is fixed, you can click the padlock on the left of the “share” button and change the setting.
Unfortunately you have to do this for every post you make. When making a post, Facebook should use whatever setting you have in your privacy settings, but for right now, its not.
Update: Facebook has now corrected this problem