Recently, I was dabbling with Facebook subscriptions.
As far as I can tell, even if a user configures his or her settings so that subscriptions are supposed to be visible to 'Only me', and the list of people they subscribe to is no longer displayed on their own profile, their name and a link to their profile will still display publicly at the profile of whoever they subscribed to, in the list of subscribers.
Moreover, lists of subscribers are always public. In my own experiments, once I changed the setting to allow people to subscribe to my page, I couldn't find any way to prevent my list of subscribers from being displayed publicly.
To me, this seems like a flaw. If I have checked 'Only me' for who can see who I can subscribe to, not only should my subscriptions not be displayed on my own profile, but my name shouldn't show up as a subscriber on the profile of whoever I have subscribed to. My name showing up on the list of subscribers on another profile sort of defeats the purpose of 'Only me'.
At the very least, Facebook should warn users that even if they choose 'Only me' for who can see who they subscribe to, it only prevents the list from being displayed on their own profile, and doesn't prevent their name from being include in the list of subscribers at the profile they are subscribed to.
This seems to work differently than the privacy settings for my list of Friends. As far as I can tell, if I have set my list of friends to 'Only me', not only is my list of friends not displayed on my own profile, but I am not visible in my friends' lists of friends.
Meanwhile, I still can't figure how privacy settings for Likes, Subscriptions, and so forth apply to the information that is displayed in other users' Tickers. Oh well.