Although your friends list is technically under the PAI umbrella, you can still control who sees it. But controls for this information are found on your Facebook profile page -- not your privacy settings.
If you want to restrict who sees your friends list within Facebook, click on the pencil icon next to your Friends widget below your profile picture, and uncheck the box that says "Show my friends on my profile."
Other information you can remove from your profile page includes your gender and current city.
While Facebook is taking away some control over publicly available information, you are getting extreme control over other parts of your Facebook profile. Now you can restrict who sees your shared content on a per-post basis.
Don't want certain friends to see your latest update? No problem.
Need to keep those photos of you at the bar away from your co-workers? You can do that too.
Facebook's new privacy settings are a mixed bag of better and simpler controls over some information, while loosening the restrictions on others.
Of course, if you don't want some of that information to appear, you can always delete it from Facebook (you cannot delete your gender, but you can make it invisible).
Facebook's privacy controls may not be perfect, but they will urge users to think even harder about what they're sharing on Facebook, and ultimately that may be a good thing.