What's up with Facebook Graph app?

My FB friends seem to be freaking out over privacy changes resulting from implementation of the Graph app. What’s the dope?

Scaremongering. Snopes article.

And even the issue Snopes mentioned at the bottom is easily fixed by turning on “Review tags people add to your own posts before the tags appear on Facebook?” in Privacy Settings -> Timeline and Tagging Settings. That way you won’t be tagged in photos until you approve it.