This analysis of the new intellectual property policy of Instagram claims that Instagram can sell your pictures without any compensation or permission from you, and they limit their liability should they disclosure your content.
Honestly, I never really got around to using Instagram. But I just deleted the app from my phone. How my intellectual property is handled matters, even if you have a cool free service.
I will be very surprised if they don’t reverse this within the next week or two.
Update on Dec 19: Instagram will be clarifying the language around some of the terms previously interpreted as onerous. So yeah, some backpedaling and a partial reversal. I’m glad there are people other than me that can read and parse these legal documents, and help me understand what they mean.