Boing Boing: YouTube's new policy says: we own your content. UPDATED

""?by submitting the User Submissions to YouTube, you hereby grant YouTube a worldwide, non-exclusive, royalty-free, sublicenseable and transferable license to use, reproduce, distribute, prepare derivative works of, display, and perform the User Submissions in connection with the YouTube Website and YouTube's (and its successor's) business? in any media formats and through any media channels."
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This could cause some sticky situations. What if you are a band that distributed your content online at YouTube and or Myspace and later made it big? Who owns your previous content? How do you release if say you wanted to make a greatest hits album?