AOL and privacy

I found this shocking and wonder whether I really want to IM AOL users this is from the new TaC AIM set which supercede previous ones and are assuemd to be accepted if you continue to use the service ...
by posting Content on an AIM Product, you grant AOL, its parent, affiliates, subsidiaries, assigns, agents and licensees the irrevocable, perpetual, worldwide right to reproduce, display, perform, distribute, adapt and promote this Content in any medium. You waive any right to privacy. You waive any right to inspect or approve uses of the Content or to be compensated for any such uses.

I can't see why they would want such control and conditions in operation. It think it's scary.