ETA: Nevermind!
( Here's the pertinent section )
Any legal-minded people out there want to weigh in on this? It seems like a massive land-grab of intellectual property--the upshot seems to be that if you uploaded a photo on facebook and then wrote a book and wanted to include the photo, even though you took it, you'd have to license it from facebook. Even when you license a photo to be published you don't give up the rights to it, under any normal circumstances. If I wrote a story and put it on facebook, essentially, I wouldn't be able to sell it. So are people aware that they're giving their intellectual property away to facebook?
ETA: Livejournal, on the other hand, only claims rights to the software that makes the site run and their own trademarks. They specifically state that journal content is the property of the poster, probably to prevent them from being liable for it.