Facebook's terms of service have been a hot issue lately. First, the fake friend aggregation site changed terms to give itself the rights to everything you posted... forever. After a predictable uproar, Facebook went back to it's original TOS. Now, it appears to actually be listening to its users in order to take the community's needs and ideas into account and answer people's questions. Shocking!
Both are available online for your review and perusal:
All this would be interesting to me, but I've moved on from social networking to anti-social networking. Basically, I collect all my interests, favorite movies and snapshots of my friends. Rather than make a site about them, I keep them to my damn self. This way, no one pokes me, sends me Giant Monsters, or otherwise intrudes upon my precious, precious solitude.