It seems that Facebook have changed their Terms of Agreement according to this report:
Now, anything you upload to Facebook can be used by Facebook in any way they deem fit, forever, no matter what you do later. Want to close your account? Good for you, but Facebook still has the right to do whatever it wants with your old content. They can even sublicense it if they want.
Now, most existing Facebook members probably won’t care but I believe it does illustrate the extent to which we have sold out our privacy. People blindly join Facebook and then upload every aspect of their lives not understanding that it is all going into one great database that Facebook is going to sell to make money.
People, companies like Facebook are commercial entities. They survive only by making money. Your information has value, otherwise why would they be selling it? Please think long and hard about the information (text, pictures, etc) you divulge on the Internet because once you do it becomes public domain and can never be made private again. Worse still, in this case, it actually ends up being owned by Facebook.
Remember that information about you has VALUE and should treated as such. We are giving away our privacy for effectively nothing in return. Don’t do it.