The proposed changes encompass an array of things, including location (another sign of things to come), new language related to sharing, information on controls for data shared with third parties, and more explanations to make features like the "Everyone" setting more digestible to users.
Some of the changes are preemptive in nature. Location-sharing, for example, doesn't yet exist on Facebook, but we know that details of what's to come are expected to be revealed at f8, Facebook's developer conference.
The new language hints that those QR Codes discovered earlier in the month could be forthcoming in relation to location. According to the blog post on the changes, Facebook has "removed the old language and, instead added the concept of a 'place' that could refer to a Page, such as one for a local restaurant. As we finalize the product, we look forward to providing more details, including new privacy controls."
Users are encouraged to offer their feedback on the Documents tab -- which also includes the full text of the proposed policies -- via the Facebook Site Governance Page. There's only a seven-day window, so make sure to check out the changes and offer your feedback before 12:00 a.m. PDT on April 3, 1010.