Thanks to the “Facebook Isn’t Private, and 7 Other Things You Should Know” post I have taken the main points about its Terms and Conditions and summarised below. It makes for gritty reading.
1. The terms can change at any time of Facebook’s choosing.
2. Facebook is legally for personal use only (only actual people can create profiles. And you’re not supposed to profit from it. A profile for a business technically would be banned/deleted).
3. A single, individual user account (you can’t – under their T&Cs – have two accounts on Facebook)
4. You’re giving up a HUGE license (posting content gives Facebook a license to do whatever they want with your content).
5. Applications are NOT guaranteed safe (In other words, “installer beware.” A malicious application developer could break through Facebook’s security protocols and expose your info. That would probably be difficult to do, but Facebook wouldn’t have to take the blame).
6. Disputes are arbitrated under Delaware law in the US (If Facebook does something horridly wrong and you want to sue you can’t because you’ve already agreed to “final and binding arbitration”)
7. You surrender “all submissions” (If you give them a good idea for Facebook it becomes their property)
8. Privacy is NOT guaranteed: “[W]e cannot and do not guarantee that User Content you post on the Site will not be viewed by unauthorized persons. We are not responsible for circumvention of any privacy settings or security measures contained on the Site… …Please keep in mind that if you disclose personal information in your profile or when posting comments, messages, photos, videos, Marketplace listings or other items , this information may become publicly available.”
If somebody hacks Facebook, steals all your content and contact info you have no remedy against Facebook.