"User Content (e.g., photos, comments, and other materials) that you post to the Service."
"Any information or content that you voluntarily disclose for posting to the Service, such as User Content, becomes available to the public, as controlled by any applicable privacy settings that you set."
Added in this privacy section is a note on how your photos will likely live on forever, no matter what you do:
"If you remove information that you posted to the Service, copies may remain viewable in cached and archived pages of the Service, or if other Users or third parties using the Instagram API have copied or saved that information."
Then there's the lovely pointed length of text guaranteeing the Instagram and Facebook team the right to use not only your photos, but your own likeness, name, username, and metadata as well to sell to "a business or other entity" of any kind "to help us deliver interesting paid or sponsored content or promotions." That's the part where Instagram and Facebook own (and can sell) all of your photos.
"Some or all of the Service may be supported by advertising revenue. To help us deliver interesting paid or sponsored content or promotions, you agree that a business or other entity may pay us to display your username, likeness, photos (along with any associated metadata), and/or actions you take, in connection with paid or sponsored content or promotions, without any compensation to you. If you are under the age of eighteen (18), or under any other applicable age of majority, you represent that at least one of your parents or legal guardians has also agreed to this provision (and the use of your name, likeness, username, and/or photos (along with any associated metadata)) on your behalf."
And just for good measure, Instagram has made it clear that they don't have to tell you when they're working with paid services, sponsored content, or anything of the like:
"You acknowledge that we may not always identify paid services, sponsored content, or commercial communications as such."
What do you think? Sound like a set of rules that might have you thinking twice about taking photos of your prized unique napkin drawing? Or do you just take photos of objects and people you don't mind being sold without your consent and for profit with no monetary compensation given to you for the work?