Date: 2009-12-11 07:59 am (UTC)
"For content that is covered by intellectual property rights, like photos and videos ("IP content"), you specifically give us the following permission, subject to your privacy and application settings: you grant us a non-exclusive, transferable, sub-licensable, royalty-free, worldwide license to use any IP content that you post on or in connection with Facebook ("IP License"). This IP License ends when you delete your IP content or your account unless your content has been shared with others, and they have not deleted it. "

ie: While your content is on Facebook, they can use it for whatever they damn please. The last sentence is particularly worrying; if Facebook sub-licenses your content to an advertiser, it may be considered to have been 'shared with others' and your IP license does not end.
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March 2012

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