Is AOL serious about this?

Ok. I am one of those users who is guilty of not reading the EULA or the terms of service but Boing Boing opened my eyes to some shit that AOL is pulling. And I quote:

"Although you or the owner of the Content retain ownership of all right, title and interest in Content that you post to any AIM Product, AOL owns all right, title and interest in any compilation, collective work or other derivative work created by AOL using or incorporating this Content. In addition, by posting Content on an AIM Product, you grant AOL, its parent, affiliates, subsidiaries, assigns, agents and licensees the irrevocable, perpetual, worldwide right to reproduce, display, perform, distribute, adapt and promote this Content in any medium. You waive any right to privacy. You waive any right to inspect or approve uses of the Content or to be compensated for any such uses."

What is this? These fucking corporations are delirious. I am going to have to find another messaging service.

Check it for yourself: http://www.aim.com/tos/tos.adp

UPDATE: As of yesterday, AOL changed their TOS. 3/16/05