It's called Feeping Creaturism.
As processing power increases this will start being used to "autotag" first the rest of your own pictures, then your friends and vice versa, and ultimately every image held on FB servers.
"Find me in other people's pictures" | "Find all my friends" | "Who do I know?" | "Find this person" and more. All the wonderful (and double edged) uses for this kind of technology.
And it won't be long before other image/social networking services start doing the same thing.
Even if settings exist to hide "your name" from different classes of other users. That privacy won't extend to law enforcement (whether or not you have any relevant connection with their subject of interest), and with the privacy settings being constantly reset there will be plenty of opportunities for third party services (such as those who make a business of digging up dirt for employers) to create thier own "name maps" which will forever be independent of any privacy settings which might or might not be in effect at any given time.
In fact with the help of a comprehensive library of highschool yearbooks your privacy settings could very well not mean a fooking thing EVER.
If an episode of you "cutting up or loose" exists in cyberspace, this technology will ultimately out you. And the camera truly will have the power to take your soul.
This is why I avoid these "enhanced" image services like the plague and am very careful about what I put on even the basic services like photobucket.