The revision grants Facebook complete, perpetual ownership of content uploaded or added to Facebook — including the rights to sublicense said content:
You hereby grant Facebook an irrevocable, perpetual, non-exclusive, transferable, fully paid, worldwide license (with the right to sublicense) to (a) use, copy, publish, stream, store, retain, publicly perform or display, transmit, scan, reformat, modify, edit, frame, translate, excerpt, adapt, create derivative works and distribute (through multiple tiers), any User Content you (i) Post on or in connection with the Facebook Service or the promotion thereof subject only to your privacy settings or (ii) enable a user to Post, including by offering a Share Link on your website and (b) to use your name, likeness and image for any purpose, including commercial or advertising, each of (a) and (b) on or in connection with the Facebook Service or the promotion thereof. You represent and warrant that you have all rights and permissions to grant the foregoing licenses.
I have seen this kind of licensing before. Early social network ryze.com had it, and may still have it, I don’t know. But they never acted on it yet.
Facebook on the other hand, is far more likely to act on these onerous terms. Wit their growth, they are going to need to feed the marketing maw with materials about how people are using the site.
That means that merely by using facebook, you become am unpaid producer of content for them. Your pay is in their letting you use the site at all.
I am not a lawyer, but I wonder if this would even be enforceable, at least in the US. Regardless, any legal action would surely be after the fact and the damage in loss of intellectual property rights would be lost forever.
Consider carefully if you want that cute picutre of your puppy or girlfriend skiing or your comments on a party that you attended to show up on a TV commercial anytime between tomorrow and 60 years from now. Because by posting, Facebook can decide to sell your content to whoever it wnats for whatever reason it wants.