I think everyone who has a hissy fit and thinks they've bet the program by it not displaying perfect information miss the point, completely.
the point is,
not everyone thinks about what they put on Facebook, and unfortunately it's not a rare occurrence. People are outright stupid enough too tag themselves as "in my bed" (their bed...not my bed!) using their phones GPS, and still have a public profile, or people they don't personally know on there.
You might not put information quite as extreme as the above on your profile, but so many people do, or something seemingly more innocent, that put together with other things, could land you in trouble.
I often see public events come up on my homepage, my friends friends birthday party etc, and not only is it a public event, it'll have home addresses and phone numbers, or perhaps it's allowed for friends of friends too view etc etc
perhaps you wrote something a year ago with more information than you'd put up now, but forgot about it, etc
it'd be a great but potentially inappropriate tool for parents with their children who think they know best about their internet safety.