CNet.com reports that effective January 16, Instagram's new intellectual property policy allows Facebook to "claim the perpetual right to license all public Instagram photos to companies or any other organization, including for advertising purposes." The new policy also seems to immunize itself from liability even if it makes 'private' photos 'public', "we will not be liable for any use or disclosure of content" and "Instagram will not be liable for any use or disclosure of any content you provide."
Yikes, so much for the option of privatizing your photos! You can only opt out by deleting your account before the January deadline.
Will you be deleting your Instagram account? I've had mine for a while but haven't been posting as much as I'd like, but I'm not sure I'll be deleting mine anytime soon. Besides, I've got until January 16th to decide ;)
In the meantime, you can still follow me on Instagram: @hernameislola!
EDIT December 21 2012: Most recent update to the Instagram issue - it appears they're going to revert back to their old advertising policy, review their plans, and get back to users on how their advertising business will work. After a huge backlash, I think they realized they can't take the same approach as Facebook has in the past in terms of forcing changes onto their users.
Personally, I had no intention of deleting my account, though I would understand why photographers and creatives would feel the need to.
What do you think?