I usually breeze past the “terms and conditions” sections of most software installs and on-line applications and so do you. Usually this is justified, but you may want to take a closer look when it comes to social networking sites, after all, you are intrusting them with your identity and that is not something to take lightly.
Here is an excerpt of the Facebook terms and conditions (http://www.facebook.com/terms.php “Licenses” section, don’t worry about actually reading this legal jargon, I surmise it below).
You hereby grant Facebook an irrevocable, perpetual, non-exclusive, transferable, fully paid, worldwide license (with the right to sublicense) to (a) use, copy, publish, stream, store, retain, publicly perform or display, transmit, scan, reformat, modify, edit, frame, translate, excerpt, adapt, create derivative works and distribute (through multiple tiers), any User Content you (i) Post on or in connection with the Facebook Service or the promotion thereof subject only to your privacy settings or (ii) enable a user to Post, including by offering a Share Link on your website and (b) to use your name, likeness and image for any purpose, including commercial or advertising, each of (a) and (b) on or in connection with the Facebook Service or the promotion thereof. You represent and warrant that you have all rights and permissions to grant the foregoing licenses.
1) Facebook can use any content that you post to make money, however they see fit, they are not obligated to give you credit or remunerate you.
2) Facebook may alter any content you post in any way they see fit.
3) Facebook can use your name, picture and essentially your identity for it owns purposes, with virtually obligation no to you.
Though technically you do retain the “ownership” of this property, as far as I can tell, the utility of that ownership is moot considering what facebook is entitled to. So, be careful surfing the intertubes of social networking sites, this type of clause is fairly common.