It seems that Facebook has
granular privacy on some things, like notes and photos, and may soon have it
on status (it's a
beta feature not available to all users yet). (See links for more information)
I think, IMHO that this is a type of granular privacy actually superior to LJ's, because without going through the trouble of creating a separate filter, you can filter something to just one or two people (or possibly multiple Friends Lists), or exclude only one (or more) people. I'm not sure how widespread the usage of this feature is among FB users, though. Were I to use FB for communicating w/ people more often, though, this would definitely come in handy.
The beta feature of being able to do this for the activity stream as well sounds nice too, but unfortunately it isn't yet possible for all users to do this.
I wonder what effect this will have on rival social networks? Some theorize this is FB having a go at Twitter which has simple privacy (either your Twitter account is 100% public or 100% private).