To appease them and make the company appear more transparent, CEO Mark Zuckerberg held a press conference today to outline what their plan is going forward and exactly what is in store for the TOS, announcing that users will play a much larger role in how the company operates. Specifically referring to the conditions of use, it was mentioned that there will be a move towards “transparency and democratization.” He goes on further to say that Facebook is willing to adapt their company to the desire of their user base, including content ownership remaining in the hands of their users.
Overall, I think Facebook handled the situation well. Oftentimes large companies implement policy changes to suit them, even if it does cause them a PR hit with their customer base. It has been interesting to watch how they dealt with the user revolt.