In addition, by posting Content on an AIM Product, you grant AOL, its parent, affiliates, subsidiaries, assigns, agents and licensees the irrevocable, perpetual, worldwide right to reproduce, display, perform, distribute, adapt and promote this Content in any medium. You waive any right to privacy. You waive any right to inspect or approve uses of the Content or to be compensated for any such uses.
Obviously, that sounds awful. People treat IM clients as they do their cell phone (they probably shouldn't, but theymyself includeddo). Now I should point out that in case you aren't aware, it's ridiciulously easy to eaves drop on IM conversations (especially in a single subnet like on a corporate network). Unless you and the person you're speaking with are using some form of encryption, the conversation between your computer and AOL's are sent in the clea, so you shouldn't expect privacy. However, you probably don't expect AOL to archive and have the right to disclose those conversations.
Now, I'm not sure of AOL's real intent here, but I don't think it's as malicious as we might think (although I think they deserve the lashing they're going to come into work to on Monday monring as pressure to change this awful policy). Here's why: it just reads odd for referring to an IM conversation "by posting content...." What I suspect is that this policy was borne of their expanding the free featureset for free AIM users (particularly publishing tools like a new blogging tool) and possibly from high profile incidents involving data theft.
The job of a corporate lawyer is to protect the company, and even if they don't plan on using data in a bad way, I can totally see the lawyer thinking "Well, I can't control the actions of our 84,900 employees. So while I don't want one of our employees selling our customer data to some ID theft ring or spammer, I want to reduce our liability if something should happen." If they write that policy and don't consult with their web team (or if their web team just doesn't think about this), these policies get published, and companies get slashdotted (in the bad way, not the good way).
I kinda doubt (and hope) that AOL's intent isn't to harvest their users private IM conversations for some nefarious purposes.
Anywho... one thing I do know is that I'd hate to be working in that department at AOL on Monday morning.