Most of the same controls that are on the full site are available in the privacy settings on Mobile...
Most of the same controls that are on the full site are available in the privacy settings on Mobile Web (m.facebook.com). Just like in the full site, you can control your Basic Directory Information, Block List, Public Search, and Sharing on Facebook. In your Basic Directory Information settings, you can control who can find you in searches and how non-friends can contact you. In Sharing on Facebook settings, you can control who can see your profile (timeline) information and the content that you post, such as photos and status updates. You can choose whether things you’ve chosen to share with everyone on Facebook also show up in searches outside of Facebook in your Public Search settings. Finally, you can manage the list of people you would like to block in the Block List.
Generally, you will have five privacy options available for each of your privacy settings: Everyone, Friends and Networks, Friends of Friends, Friends Only, and Only Me. More customized settings, such as excluding specific Friend lists, are only available on the full site. If you have already made such customized privacy settings on the full site, this setting will be selected and displayed in your mobile privacy settings page. Note that if you choose a different privacy setting than this customized one on the mobile site, you will have to go to the full site in order to re-apply this customized setting.
Unfortunately, privacy settings regarding applications and connecting to websites is not currently available on the mobile site. Keep in mind, however, that most applications are not accessible from the mobile site.