Love this. I had not realized Facebook needed a redesign that badly until I saw this Facebook design concept by Fred Nerby. Very slick.
UPDATE: Three things lacking in the current 2013 Facebook.com website design: white space (that was crushed out years ago), engaging typography, and posts that have a size/importance ratio. Facebook.com has everything in tiny boxes everywhere, so instead of drawing the eye to look at the most important aspects via a larger size (like a newspaper), everything is pretty much equal size on the website.
All three problems lead to very pedestrian design. A little less tinkering with “new and better privacy options” and a little more thought going into design would be a good thing.
At least they have a color scheme though. Blue in graphic design color theory signifies trust.