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Does Yahoo have similar privacy issues as Facebook?

Options
I've just started looking into the Yahoo Updates information sharing options.

It seems that by default, my information is shared with everyone.

Hidden away under "show all yahoo sources" are loads of different yahoo sources (I stopped counting after 50) such as Yahoo Hong Kong, Yahoo Korea, Yahoo India, Eurosport..... all set to for sharing your updates with "Everyone".

Could someone familiar with the system explain whether I need to worry about this? If I set my top level settings to No-one will it stop the updates. If I set it to connections, will it just share my comments with people I choose or do I have to set the options for every single one of the well over 50+ sources.

I haven't been using the service but it is something I suspect my children will want to use and I want to make sure that they are safe.
I have updates showing on my home page from people I've never heard of.
7 Angel Bears for LovingHands Autumn Challenge. 10 KYSTGYSES. 3 and 3/4 (ran out of wool) small blanket/large square, 2 premie blankets, 2 Angel Claire Bodywarmers
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