Yea. I closed my account immediately. I dunno if they still store your images even after the fact that your account has been deleted. I also ditched TwitPic in favour of Yfrog because they have a similar policy. I understand that they need to make money, but the users should get some compensation as well for their 'work'.

It basically copy write theft. Instagram making a profit thorough images you shot? There sitting on a gold mine of material.

Essentially. They've released a statement saying they have no intention blah blah. Good luck with that.

"No intention" is the biggest load of an excuse in existence. You set up something if you don't expect to use it.