Is MySpace Your Pimp?

Musicians and film makers on MySpace should be particularly concerned with the clause in The MySpace Terms & Conditions contract that states:
By displaying or publishing ("posting") any Content, messages, text, files, images, photos, video, sounds, profiles, works of authorship, or any other materials (collectively, "Content") on or through the Services, you hereby grant to MySpace.com, a non-exclusive, fully-paid and royalty-free, worldwide license (with the right to sublicense through unlimited levels of sublicensees) to use, copy, modify, adapt, translate, publicly perform, publicly display, store, reproduce, transmit, and distribute such Content on and through the Services.
In order:
1.) non-exclusive MySpace can screw you...and so can all of MySpace's friends.
2.) royalty-free MySpace doesn't have to pay to screw you.
3.)the right to sublicense through unlimited levels of sublicensees MySpace's friends' friends can screw you.
4.) distribute MySpace can pimp you.
In fact, even my reproduction and interpretation of this contract is probably illegal...