Apparently, today in the afternoon, this policy change has been 
revoked by Facebook:

http://news.cnet.com/8301-1023_3-57559890-93/instagram-apologizes-to-users-we-wont-sell-your-photos/


On 12/18/2012 10:07, Bong Manayon wrote:
> Under the new policy, Facebook claims the perpetual right to license
> all public Instagram photos to companies or any other organization,
> including for advertising purposes, which would effectively transform
> the Web site into the world.s largest stock photo agency.
>
> http://www.slrlounge.com/instagram-now-has-the-right-to-sell-your-photos
>


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