Ah, I missed that one. And yes, "Everyone" means you don't need to register to see the profile content.
I'm going to start with two sections for Privacy, with those options:
1) Your entire profile, with default "Friends Only" selected
2) Your basic information - Username / Age / Sex / Location / short summary - with default "Registered Users Only" selected.
This way other registered users can find you, but none of your information is open to the public unless you intentionally open it up.
How does that sound?