What's the Deal with Facebook?

Will someone please explain to me what is going on with Facebook and why everyone is posting these rambling copyright declarations as status updates? I know I could do a little research and figure out what the deal is, but I am feeling kind of lazy. As I am awaiting your responses, I will leave you with my friend's mocking message. Too funny!

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Any thoughts or insights on this recent Facebook privacy controversy? Has this (or anything) made you question your desire to be on Facebook?