How do I adjust my facebook e-mail notification settings?

[dude]

For example, if someone likes my status, why doesn't facebook let me know? What are the default settings, and is there a way I can change them? Also, regarding the new privacy settings, what changes are there that weren't being offered before? Are they worth changing, and if I don't adjust them, am I at risk?

[Sudeep]

Go to Settings > Notifications.
The new settings just make it easier and more convenient to change privacy for pictures, wall posts, etc.