You hereby grant Facebook an irrevocable, perpetual, non-exclusive, transferable, fully paid, world wide license to your Pictures of You, Your Friends, Your Kids, and Your drunken photos.
In the latest change to the TOS of Facebook you now grant them rights to everything in your profile for forever.
Previously you only allowed limited use for as long as you had a profile, but now, it is for as long as they would like.
Take an Amazing photo of Barak Obama post it to Facebook, and they can sell it. Post a pic of your amazingly cute puppy, they could put it on Puppy Chow.
You hereby grant Facebook an irrevocable, perpetual, non-exclusive, transferable, fully paid, worldwide license (with the right to sublicense) to (a) use, copy, publish, stream, store, retain, publicly perform or display, transmit, scan, reformat, modify, edit, frame, translate, excerpt, adapt, create derivative works and distribute (through multiple tiers), any User Content you (i) Post on or in connection with the Facebook Service or the promotion thereof subject only to your privacy settings or (ii) enable a user to Post, including by offering a Share Link on your website and (b) to use your name, likeness and image for any purpose, including commercial or advertising, each of (a) and (b) on or in connection with the Facebook Service or the promotion thereof.
You can read the full terms here.