The key phrase that makes this T&C fine is "... [that] you submit to public areas of the Website". This is a standard clause that means "don't sue us for copyright infringement when we publish the content you asked us to publish." IANAL.
Just because I post something publicly doesn't make it publicly owned (or in this case, owned by the host)—I want to retain the copyright to my works, and this T&C says "nope, we own whatever you post here."
In the end, it was too much for me, and I didn't complete the signup process. If I'm completely wrong about it's meaning or intent, well, shrug, they should write T&C that you don't have to be a lawyer to grok.