This was on one of friend's profiles today. I went ahead and did it just a minute ago.
ALERT:
Facebook has agreed to let third party advertisers use your posted
pictures without your permission. Click on "Settings" up at the top
where you see the "Logout" link. Select "Privacy". Then select "News
Feed and Wall". Next, select the tab that reads "Facebook Ads". In the
drop down box, select "No One". Then save your changes. Do it now. Help
your friends...copy and paste this into your status.
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Re: PSA for FB users