This issue has come up in the past, and it also boiled down to the same thing. Facebook needs you to grant it a license for your media in order for Facebook to work. They are not actively trying to steal your content. Mark’s blog post gives a great example of Facebook’s email system in this regard. They don’t intend on taking all your drinking or high school photos and compiling them into a Facebook Best Of Photos album and give it away as a promotional item. But technically the new terms of service would allow them to do just such a thing, provided you have not restricted your profile. If you have restricted your profile, Facebook will comply with your restrictions – so if you have your profile set to Friends Only, Facebook would not be able to include your drinking photos in the above mentioned promo photo album unless they were ONLY giving the album to your friends.
When it comes to posting external stuff on Facebook, such as someone submitting your website or video as a Posted Item, Facebook does not own your site. But it does own the blurb that it autogenerates with a picture of your item and a text summary. That’s completely reasonable for them to do.
But at the same time, Facebook is going to be expanding its ad market rapidly (it’s one of the few sites left where advertising is actually a viable market, if done well). It’s also going to be making its own ads to promote the Site (the new terms of service clearly point to them taking steps in such a direction). I mean, let’s be clear here, Facebook is a private company looking to make money. Servers don’t magically appear whenever another one dies, it takes money to buy one, and money to pay for the bandwidth they use. Especially in this coming year, as the venture capital funds dry up, Facebook will be trying to turn any profit to show that it’s sustainable.