Mashable has a post that says it a lot more succinctly than the concerns I was trying to express yesterday. It compares specific quotes from the previous and current TOS. Check it out. A preview:

The possible implications of this TOS change go beyond these concerns. Sure, you can choose not to use Facebook at all, but that doesn’t mean a thing. Someone can still take your photo, slap it on Facebook, and now neither you nor the author of the photo can stop Facebook from using the photo in whichever way they please.

Looking at it globally, millions of people are uploading bits of information on everyone and everything, to a huge online database, and by doing so they’re automatically giving away the rights to use or modify this information to a private corporation. And not only that; they now also waiver the right to ever take it back from it.