Problem 1: if a user wanted to prevent other logged in users from seeing whether they were logged in, they might adjust their options for "who can see my status", not realizing that a few lines down at the end of their privacy settings, they had not adjusted "who can see my online status" which would have been the actual setting they should use to protect themselves from being chatted up by others in their sites.
Solution1: change "who can see my online status" to "who can see if I'm online" and move that setting above "who can see my status"
Problem 2: If users adjust "who can see if I'm online", they might not understand that "Everyone" in this case means "those in my sites/my connections", not really everyone who is logged on. They might reduce it to a lower level if they were alarmed unnecessarily
Solution 2: change pulldown option for "who can see if I'm online" from "everyone" to "those in my sites/my connections." Leave the "everyone" option alone for other selections, because in those cases, everyone really can see that information, not just those in your sites
Problem 3: all the settings that start with "who" should have a "?" at the end
Solution 3: change "who can see if I'm online" to "who can see if I'm online?" and follow that standard throughout. You might consider capitalizing the settings to sentence case as well.
(P.S. I had to select a component, though I don't think this is the appropriate one)