Less than a week after it was officially announced, Microsoft has issued an update to the official Windows Mobile Facebook application. Here's what's fixed, according to the Windows Mobile Team blog:

This version should help anyone that was getting the “cannot install due to insufficient privileges” error and it should also help with some hanging errors.

If you've been having problems with the app, head over to WindowsMobile.com/facebook and try out the update. When you download it, it'll be identified as Facebook_v1.0.0.7p (the old one's just v1.0.0.7.). And here's another tip when upgrading:

You’ll want to uninstall the old application and then make sure that the facebook.vol and fbmail.vol files are deleted from your root directory before reinstalling.

And sure enough, that took care of all of my problems. (The ones I was having with the Facebook app, anyway.) Huzzah!