Wagner James Au and others make an interesting argument about the revised SL Terms of Service. Basically it's that since Second Life content is not very valuable outside of Second Life, what's the big deal about giving up your rights to stuff to Linden Lab?
While I appreciate this POV in practical terms, it's bad precedent and has potential to undermine the core of the Second Life economy which is based on trust. Trust that Linden Lab has no interest in taking original content and selling it themselves. Trust that you can change your $L for $US or whatever. Trust that LL values its creator community and the marketplace that comes out of it. All that seems to have been TOSsed aside (bad pun yes).
It further raises suspicions about the future of the SL economy when most reasonable people see no good reason for Linden Lab doing this OTHER than trying to prepare the company for sale or making wholesale changes to the way Second Life itself operates.
The question is less about WHAT they did and more about WHY they did it and WHY NOW.