Facebook: "Your soul... is mine!" (not really though) [UPDATED]

The twitterverse was abuzz today with grumbles and ramblings regarding the new Facebook ToS (terms of service). The feeding frenzy started by an apparent post on The Consumerist. At first glance the new ToS basically gives Facebook perpetual rights, and the right to sub-license (give to a third party) anything you post or upload...even after you cancel your account.

There seems to be a bit of an apocalyptic tone to the original post (which was actually posted almost two weeks after the February 4th update), which caused the panic. The truth of the matter is, we live in such a litigious society that companies are having to take some drastic measures to cover their assets. Yes, the new ToS appears to give Facebook godlike rights, but only when promoting Facebook or Facebook branded products.

There is an excellent counterpoint article written by J. F. Quackenbush on Wet Asphalt (I'm thinking that's a nom de plume) that breaks down the ToS update and what Facebook could and couldn't legally do. You do have to wade through a bit of flaming (against the Consumerist article author), but it's still a good read. Favorite quote from the article:

I just think it's idiotic that hordes of Facebook users, many if not most of whom are regularly participating in all manner of digital piracy, are now all aflutter with the fear that Facebook is going to steal all the money they could be making by selling pictures of their cats.

This ToS seems even more benign than the original Google Chrome ToS, but as I've said before: read the Terms of Service before you click "I Agree"... especially if you disagree.

Update: Here is Facebook's official response to all the hubbub.