Since we are not currently in the thrall of a Facebook Intellectual Properties hoax, I wanted to take a moment to remind everyone that posting to your wall does not mean you no longer own your content.
(Queue the twitchy left eye.)
For more info, summarized nicely, check this Snopes link which features current links to the legal details:
Before you post things that sound like Facebook terms or contract related statements, consider the following to help you determine it’s validity:
a. Has a certified lawyer, judge or some other empowered law maker verified that you can change the terms just by posting something on your wall? (You can try to change the agreement but you’d better have a whack of cash and lots of time to re-negotiate with this company.)
2. Consider how hard it is to change terms of an agreement in other areas of your life. When you first decided to open a Facebook account, you agreed to the terms they had. And…
C. Facebook, reserved the right to modify the agreement when we agreed to the terms. We did not.
Things can seem overwhelming and confusing sometimes. Be cautious with information that seems to be extreme like that. And avoid those who take things to a whole new level of panic.