It sounds like a really good idea. I was ready to sign up, then I read the TOS and just can't do it.
I understand the reason that sites need to be indemnified in order to display my content on the site. But, allowing an unrestricted, perpetual license to my content (even after I close my account) to the site, AND all other users, is crazy.
If the product and service is good, offer it with those TOS removed, and I'll pay for it.