Facebook - your content is ours, muuuuhaahahaahaa!!!

Consumerist.com's take on facebooks new terms and conditions has been causing a bit of a furore while the social networking site (read data mining site) has been busy trying to put a positive spin on the ts and cs. Trust me, I am only taking ownership of everything you put on the site because I am nice and have your best interests at heart said Mark Zuckerberg as a pig flew past behind.
Spin it whatever way you like the Ts and Cs make Facebook the owner of any info you put on there and able to use (and abuse) it however they like - hmmmm.... is that a problem?