Facebook terms of use - photos?

[♥ Dani]

I finally broke down and created an account with Facebook (mostly because my friends wouldn't stop pestering me about it). I like to share my photography with them, and honestly Facebook is the easiest way to do this... however... I'm a little scared about Facebook's terms of use applying to photos posted on the site:

"For content that is covered by intellectual property rights, like photos and videos ("IP content"), you specifically give us the following permission, subject to your privacy and application settings: you grant us a non-exclusive, transferable, sub-licensable, royalty-free, worldwide license to use any IP content that you post on or in connection with Facebook ("IP License")."

I take my photography seriously. Is this something I should worry about?

Thanks in advance. =)