1 We will advertise at you
"When you use Facebook, you may set up your personal profile, form relationships, send messages, perform searches and queries, form groups, set up events, add applications, and transmit information through various channels. We collect this information so that we can provide you the service and offer personalised features."
2 You can't delete anything
"When you update information, we usually keep a backup copy of the prior version for a reasonable period of time to enable reversion to the prior version of that information."
3 Anyone can glance at your intimate confessions
"... we cannot and do not guarantee that user content you post on the site will not be viewed by unauthorised persons. We are not responsible for circumvention of any privacy settings or security measures contained on the site. You understand and acknowledge that, even after removal, copies of user content may remain viewable in cached and archived pages or if other users have copied or stored your user content."
4 Our marketing profile of you will be unbeatable
"Facebook may also collect information about you from other sources, such as newspapers, blogs, instant messaging services, and other users of the Facebook service through the operation of the service (eg, photo tags) in order to provide you with more useful information and a more personalised experience."
5 Opting out doesn't mean opting out
"Facebook reserves the right to send you notices about your account even if you opt out of all voluntary email notifications."
6 The CIA may look at the stuff when they feel like it
"By using Facebook, you are consenting to have your personal data transferred to and processed in the United States ... We may be required to disclose user information pursuant to lawful requests, such as subpoenas or court orders, or in compliance with applicable laws. We do not reveal information until we have a good faith belief that an information request by law enforcement or private litigants meets applicable legal standards. Additionally, we may share account or other information when we believe it is necessary to comply with law, to protect our interests or property, to prevent fraud or other illegal activity perpetrated through the Facebook service or using the Facebook name, or to prevent imminent bodily harm. This may include sharing information with other companies, lawyers, agents or government agencies."
via guardian.co.uk