1) You misunderstood. The relevant part is "technical, diagnostic, usage and related information". Note it doesn't say 'video' anywhere there, and even it did it wouldn't hold up court.
Content might be anything stored on the camera in this case. I'm also glossing over the followup clause that states they are in their full right to remove in a future update features you already have.
I'd be more concerned about the "not limited to" part than the "information about ..." followed by a long list of things they can get information about part. But I think, in my lay (non-lawyer) reading of that that they've set the spirit of the agreement. They don't want to miss some little detail in their list, but they're setting an expectation that their telemetry (if any) and their support department in case the owner asks for support can access metadata.
> including but not limited to information about your RED Camera, Camera Module, computer, system and application software, usage, content, and peripherals
Should I be reading the "content" part as "information about your content" ? As in, metadata about the content? Lens focal lengths, recording quality, codecs, etc? That would make more sense.
What exactly that means in practice, we are all just guessing unless you go and ask them to clarify. Probably things like what settings you used for your videos so they can analyze which features are most popular/worth improving.
At least in the EU, if this EULA was not clearly accessible/communicated on the store page before purchase, it would just be invalid, and you'd have a case that the product doesn't work. They're banking on people having more important things to do and just clicking accept to use their product...
Sure, but that is preceded by “including but not limited to”, so that is a non-exhaustive list of examples.