On one hand, if you send a photo off into the internet, what happens to if after that is really anyone's guess. Anyone who thinks that there is real privacy on the internet will probably have a very rude awakening at some point. On the other hand, there are so many problems associated with this new TOS -- you're turning your photos over to Instagram, so they can use them any way they like, not tell you that they're using them, not pay you for them, and telling you that you can't sue them if they do use the photo/sell the photo - but oh, by the way - if there's something wrong with the content of your photo (libelous, etc) - and we use it, and there are ramifications - that's on you. If I were a professional photographer, posting really good work, I'd be very very worried about these change, basically turning Instagram into a free i-Stock. But, the bottomline is, for a hobbyist photographer like me, what are the odds of them using one of my crappy photos of my dog, or my shot of my coffee mug - do I really have worries? Probably not.
But on the other hand, the whole motivation behind the changes really bothers me - the monetization of what was once a model for the best of internet sharing - for the love of photography, and communicating stories through photographs, is really disappointing, disheartening.
So, I'm not deleting my Instagram stream just yet - the changes don't go into effect until after the New Year, and there still could be changes made to the TOS to make it more tenable. This may just be the first round - we'll see.