Dropbox clarifies its new Terms of Service, re-writing the section that got many hot and bothered, here’s their explanation of the changes:

We’ve never been interested in rights broader than what we need to run Dropbox. We want to get this language right so that you’re comfortable using Dropbox with no reservations: what’s yours is yours.

Bottom line: all that language before was lawyer speak that allowed Dropbox to implement features like sharing and galleries and hosting. The new language is dead simple.