You really think a huge company full of lawyers and an entire office in DC dedicated to privacy & policy messed up because they were in a hurry? Trust me, there's not a single setting in the old design that wasn't vetted by a pile of lawyers and policy wonks.
What I don't have to assume is that FaceBook has repeatedly made big privacy-impacting changes without consulting its users. This is the third major overreach/retreat. Three incidents is enough to realize that taking privacy seriously is not part of the company's DNA.