That's quite clear to me. If I were to try my luck in the courts, I'd be pleasantly surprised if the Judge took the "basically" column as the legal interpretation. Ignorance, as far as I'm aware, is not an acceptable legal defence (as cited by many a judge to people who neglect to pay their taxes).
The fact remains however, few people read TOS pages or privacy polices. Any attempt to change that should be applauded in my view.