The bit.ly link redirects users to a Facebook Page that then prompts users to allow an application called "Teacher nearly kills 13 year old boy. SHOCKING!" access their profile information and permission to post on their wall.
As of right now, it doesn't appear that the application does anything more than post the spam link to the newsfeed in hopes of tricking more users; however, the next message the app posts to your wall could be far more dangerous.
We echo Sophos's thoughts in hoping that Facebook shuts down this app immediately and works on tightening some of the security policies that let this sort of thing through to begin with.
If you have fallen for this attack, remove the app from your profile and then check your privacy settings to make sure nothing has changed on that front. Also delete any posts the app has made on your wall.
[via Sophos]
Image courtesy of iStockphoto, Antagain