TechCrunch is liveblogging Facebook's press conference call announcing their new “drastically simplified” privacy controls. It's going on right now:

We made a lot of changes at the same time. We didn’t communicate as well as we could have, a lot of it got lost. We really need to simplify controls.

We’ve offered granular controls, a lot of people like them. We aren’t taking them away. We holed up a couple weeks ago, got designers/engineers together and built this stuff.

Three things — One simple control for all the content you’re sharing. It applies to all content retroactively (good move, FB). Applies to new products going forward.

This is interesting stuff.

UPDATE: All done! You can find the full story on their new privacy policy on Mashable.