If you haven't updated yet your Apple gizmos app - Facebook for iPhone/iPod/iPad, then hit up the App Store on your device and it should give you a badge telling that Facebook app needs to be updated.
You need not to log-in anymore to facebook.com just to access your Account Settings & Privacy Settings because it's now all in the convinience convenience of your favorite iPhone app - Facebook for iPhone. This for sure is a great leap update for the app, i myself has been constantly eager to tinker settings whenever i'm using my smartphone - saving me the need to open a browser and manipulate the list of privacy settings.
I was foiled though given the fact that this update has nothing to do with the "Gmail Killer"- the imminent integration release of facebook's Project Titan: solved to conquer and battle with Google's gmail product.
Suffice to say, i'm happy with this update!