Today we announced new opportunities for users to play a meaningful role in determining the policies governing our site. We released the first proposals subject to these procedures – The Facebook Principles, a set of values that will guide the development of the service, and Statement of Rights and Responsibilities that governs Facebook’s operations. Users will have the opportunity to review, comment and vote on these documents over the coming weeks and, if they are approved, other future policy changes. We’ve posted the documents in separate groups and invite you to offer comments and suggestions. For more information and links to the two groups, check out the Facebook Blog.
Update: Max Kennerly says the changes are good:
Facebook twice reiterates that their license is "subject to your privacy and application settings," and that deleting either your content or your account terminates the license to that content.
That is exactly how users expect the system to operate. Facebook also omitted the annoying and erroneous "irrevocable" from the license.
There's more which is of interest to litigators but probably not to most users.