“Without limiting any of those representations or warranties, Automattic has the right (though not the obligation) to, in Automattic’s sole discretion (i) refuse or remove any content that, in Automattic’s reasonable opinion, violates any Automattic policy or is in any way harmful or objectionable, or (ii) terminate or deny access to and use of the Website to any individual or entity for any reason, in Automattic’s sole discretion. Automattic will have no obligation to provide a refund of any amounts previously paid.”

Same kind of waiver of financial liability, too. “Indemnification. You agree to indemnify and hold harmless Automattic, its contractors, and its licensors, and their respective directors, officers, employees and agents from and against any and all claims and expenses, including attorneys’ fees, arising out of your use of the Website, including but not limited to your violation of this Agreement.”

Andromeda is completely correct. The reason Pinterest is getting a lot of attention for this is because the nature of their service lends itself to copyright violation — a lot of people won’t think about whether or not a picture is copyrighted before they pin it. IANAL so I won’t conjecture as to whether or not Pinterest is more at risk, legally, given the nature of the service they provide. But the terms are really standard and not onerous, IMHO.

IANAL (though I HAVE spent an awful lot of time reading web site ToS and thinking about copyright, given where I work). But my understanding of the DMCA is that, as a site with user-generated content, you have a liability safe harbor ONLY if you are not policing (i.e. assuming responsibility for) your users’ uploads. You have a duty to investigate complaints and remove infringing material, but you essentially have a legal requirement NOT to assume responsibility, unless you want to expose yourself to more liability than you can even imagine shaking a stick at.

I think you would find, if you read other sites’ ToS, some pretty similar provisions; it’s just that people notice Pinterest because it’s the new hotness.