This blog post is about the terms of service (TOS) that are currently in place for Facebook. There are many service agreements that branch off into more specific subjects such as payments, but this will just be about the general TOS. It's a bit overwhelming. I remember reading bits of it when I first joined about five years ago. There's been a lot added since then.
The TOS first starts off by saying they value your privacy. An odd thing that I didn't remember seeing when I first joined the site was that Facebook can keep a backup of any deleted content for a "reasonable" amount of time. Why? It does not say. I can't think of any reasons myself....
One other interesting thing I came across is that you can't sell your status updates for money. Never thought of this, but it's a good idea. I would feel angry if someone used my wit to sell a t-shirt without my permission.
It's not hard to see why most people read either very little or none of the TOS. In the case of Facebook it would take hours to read and understand every little detail.