All right, apparently jerkbook doesn't own all of our content forever. It's still subject to privacy settings.
"We are not claiming and have never claimed ownership of material that users upload. The new Terms were clarified to be more consistent with the behavior of the site. That is, if you send a message to another user (or post to their wall, etc...), that content might not be removed by Facebook if you delete your account (but can be deleted by your friend). Furthermore, it is important to note that this license is made subject to the user's privacy settings. So any limitations that a user puts on display of the relevant content (e.g. To specific friends) are respected by Facebook. Also, the license only allows us to use the info "in connection with the Facebook Service or the promotion thereof."
-facebook rep
They're working on a formal statement, so keep an eye out. I'm just glad I don't have to agonize over whether to delete my account anymore. <3
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