A very important note to this amendment is that privacy settings are still enforced. If you have posted something from full public view the privacy settings are also retained in perpetuity.
It was a post at The Consumerists an article entitled Facebook's New Terms Of Service: "We Can Do Anything We Want With Your Content. Forever." which started the uproar.
Mark Zuckerman, Facebook CEO, has responded to the stir on his Facebook Blog
Facebook's CEO Mark Zuckermans response.
Our philosophy is that people own their information and control who they share it with. When a person shares information on Facebook, they first need to grant Facebook a license to use that information so that we can show it to the other people they've asked us to share it with. Without this license, we couldn't help people share that information.
In reality, we wouldn't share your information in a way you wouldn't want. The trust you place in us as a safe place to share information is the most important part of what makes Facebook work. Our goal is to build great products and to communicate clearly to help people share more information in this trusted environment. ...
I doubt this is the end of this conversation.