How to change Facebook Limited Profile settings?

[the big kx]

I accepted some people who added me as a friend on facebook. I clicked the drop down box to add them to limited profile. This didn't do anything. I then went in to "friends" and moved them to the limited profile "list". I then viewed my profile as if I were them, and nothing had changed. How do you determine what people on Limited Profile can see? There is NOTHING under privacy settings, except for photo albums which has a exclusion list, but that has nothing to do with Limited Profile. It seems that the Limited Profile doesn't do anything. Is this accurate?

[xoshannicox]

To prevent users on this list from seeing certain content, please follow the steps below:
Click the "Privacy Settings" option in the Settings drop-down menu at the top of any Facebook page.
Go to the Profile section.
Select any Profile privacy setting and click "Edit Custom Settings."
Enter the name of your limited profile friend list in the "Except These People" section to restrict these users from viewing the profile content you selected.