Palemoon really isn't modified to enhance privacy or security, it is for speed and aesthetics. If you want additional privacy, you'll need to add plugins.
NOTE: The latest version of Ghostery has issues with Firefox derivatives like Palemoon and Iceweasel. See: http://crunchbang.org/forums/viewtopic.php?id=28575
If privacy and security are your main concerns, I would recommend using Firefox and adding extensions as described above.
The Tor Bundle is good too, but only if you are surfing on the Tor network.
We all want progress, but if you're on the wrong road, progress means doing an about-turn and walking back to the right road; in that case, the man who turns back soonest is the most progressive.
-C. S. Lewis
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