It's not just social networking sites though. Virtually ANY site you use has one of these clauses, collects personal information about you that you expect to remain private. It's getting to the stage where if you want to use the internet (a large portion of it), you have to agree that the website can do whatever the hell they want with your data, even though they said they wouldn't.
Take slashdot for instance:
From http://geek.net/index.php/terms-of-use/
Geeknet reserves the right, at Geeknet's sole discretion, to change, modify, add or remove portions of these Terms periodically. Such modifications shall be effective immediately upon posting of the modified agreement to the website unless provided otherwise (e.g., when implementing major, substantive changes, Geeknet intends to provide users with up to fourteen days of advance notice). Your continued use of the Geeknet Sites following the posting of changes to these Terms will mean that you accept those changes.
From http://geek.net/privacy-statement
Geeknet reserves the right to update and change this Privacy Statement from time to time. If Geeknet makes material changes to its privacy practices, a prominent notice will be posted on this web page. Each time a user uses the Sites, the current version of the Privacy Statement applies. Accordingly, a user should check the date of this Privacy Statement (which appears at the top) and review for any changes since the last version. If a user does not agree to the Privacy Statement, the user should not use the Sites.
Work is the crab grass in the lawn of life. -- Schulz