I honestly don't see this change as such a big deal. Before the update you were giving Facebook the right to use any content you posted for as long as it existed on a Facebook page, and most of us never think to go back and remove old content. I don't mean to sound callous and I do understand how the change could have an impact. If you posted a picture of yourself draped over a toilet after your 21st birthday party went terribly wrong, it was nice to know that when you came to your senses and removed the image it would be gone forever. That is no longer the case, and I can understand how knowing Facebook has that image in an archive somewhere and can trot it out at anytime could be unsettling. But the bottom line is you should be thinking about what you're sharing to begin with. License or no license, stuff gets around and your best bet is to always assume anything you post is going to be out there forever.
So apparently it's too late to save ourselves: Facebook already owns everything we've posted up to this point. And they can use our names and images in whatever way they choose to. Keep this in mind going forward. This still might be a good time to revisit your Facebook page and remove anything you don't want them exploiting. As for me, I'm going to go take down those photos of our guinea pigs before they end up in some Peruvian gourmet magazine.
[Update: Mark Zuckerberg has a blog post up clarifying Facebook's intentions towards your content. On Facebook, People Own and Control Their Information. Lets hope the ToU get another update to reflect the information in this post.]