The key phrase that makes this T&C fine is "... [that] you submit to public areas of the Website". This is a standard clause that means "don't sue us for copyright infringement when we publish the content you asked us to publish." IANAL.
I don't think that's what it means... I've read many T&C (IANAL either) and some of them state, to the effect of, "your stuff stays yours, even if you put it on our site". That, to me, would be closer to "we're not responsible for your copyright infringements."
Just because I post something publicly doesn't make it publicly owned (or in this case, owned by the host)—I want to retain the copyright to my works, and this T&C says "nope, we own whatever you post here."
In the end, it was too much for me, and I didn't complete the signup process. If I'm completely wrong about it's meaning or intent, well, shrug, they should write T&C that you don't have to be a lawyer to grok.
