Facebook understand our need and made more user-friendly interface day by day.As Facebook launch Timeline then Left Chat then Left Notification Bar then Video Calling and so on..
Now Facebook understand that some user are unable to use Privacy options so to make it simple, Facebook Add these privacy option directly to Menu bar ("Privacy Shortcuts").
So You can find this option on the Right side of "Home" tab.
Now you can Directly Access Below Listed Option from Menu Bar:
I Believe this new Facebook Privacy Setting Will Bring success in Facebook Timeline.
People will like it.