Currently, the newly delivered policy doesn’t change the way in which Facebook handles nor uses our data. They have just improved transparency in their data handling practices. Some pertinent examples include: using our location to give us targeted advertisements, or looking at your browser data to see when and how we have interacted with affiliate companies to improve their marketing strategies. Most of these practices are pretty standard, Facebook is just so huge that it is easy to make an example out of them.
While they have cut down on the size of the policy by nearly 1/3, it is still quite lengthy and unlikely that most users will read the entire thing. The benefit of the interactive dashboard is that you can navigate quickly to your area of privacy concern and get clear answers on what Facebook’s privacy policies are.