(1) Using the Graph API everyone can go to http://graph.facebook.com/#{user_id} and find the basic information about each person on facebook.
(2) Then, using the same API you can gain access to that user's profile photo, regardless of their settings: http://graph.facebook.com/#{user_id}/picture?type=large
What does that mean?
Although time consuming, technically anyone could iterate through the list of all Facebook users and then by comparing names to the photos, search for targeted users' IDs. Can the bad guys do anything with those IDs once acquired? Let's hope not, but I wouldn't want to find out.