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Since the launch of the Timeline I found that this has changed. A bug or not, the fact is that now when you send the link of an album to a friend or person that is supposed not to be able to see it, Facebook still displays the message mentioned above, but when you send the link of an individual picture, he or she will be able to see it. Even without login in to Facebook.
This is an image in one of my albums. I am supposed to be the only one able to see this picture:
This is an image of the public link, which can be viewed from any Facebook account, or even without logging in to Facebook:
Give it a try: Go to one of your pictures or a picture of a friend, and click on "View Image" or an equivalent button, so that you see a page with only the picture, whose URL should end with an .jpg extension. Copy the URL and logout from Facebook, and when you paste the URL in the browser you will still be able to see the picture.
What do you think, is this a bug or something done in purpose?
P.S.: Just to clarify. I know that in the picture you can see the "Fontana di Trevi", which is in Rome, and the album title says "GREECE Santorini & Mykonos 2010". We were visiting Rome in my trip to Greece while we were waiting for the connection flight.