http://www.foxnews.com/story/0,2933,494064,00.html (http://www.foxnews.com/story/0,2933,494064,00.html)
So in other words, they can do anything they want to with your data, forever, even make you look stupid, and everyone has agreed to it even if they didn't know it. >:(
The way I look at it is it's no different than being married ;D Seriously, though, I do think this is wrong in so many ways. It's almost as if they're storing up info for extortion. Seeing as I don't really give a crap what people who don't know me think of me and I'm not going to rise to the office of the presidency, it's no biggie for me. However, I can see where someone who is younger and has a full life ahead of them could be really hurt by this.
If your dumb enough to post stuff that you do not want out there, to some degree it is your fault. I am not a member but for some accounts you have to be an invited viewer which the owner of the site has control over it. Now facebook is saying that they own all the rights. I think that you will see this challenged in court. Also, if some one post kiddie porn that would make facebook a pornographer.
Brad
Looks like they decided it isn't the best idea...
http://blog.facebook.com/
I know that a lot of eployers will now ask during an interview if the person has a myspace or facebook page and that they will need to see it. Also, don't think because you delete something off your page it is gone. There are ways to dig this info up long after it has been deleted. You must be careful on what kind of digital footprint you leave behind.