"When you upload or otherwise submit content to our Services, you give Google (and those we work with) a worldwide license to use, host, store, reproduce, modify, create derivative works (such as those resulting from translations, adaptations or other changes we make so that your content works better with our Services), communicate, publish, publicly perform, publicly display and distribute such content. The rights you grant in this license are for the limited purpose of operating, promoting, and improving our Services, and to develop new ones."
That is a whopper. I'm not comfortable publishing any work through a service that claims a "worldwide license to . . . reproduce, modify, create derivative works . . . publish, publicly perform, publicly display, and distribute such content." The last sentence does modify it a bit, true, but I think Google's lawyers could find away around language they wrote. In any event, even such "promotional" rights as translation are rights traditionally reserved to authors, to be alienated by choice, not by Google fiat.
As I've been saying in regard to piracy, it's not about potential financial losses, but my free-speech rights—my right to control when and where my words are published.
For the record, let me state here clearly that I do NOT grant Google any of these rights in anything I've published on this or any other blog prior to the publication of this new policy.
I will close with a link to a much better argument about copyright than any I've made here, by the great Caleb Crain: