R.I.P. Instagram - New Terms of Use

A year ago, I came across Instagram, and I signed up and shared my first picture of myself in San Francisco, CA during a trip I took. I finally found an application on my phone that shared my pictures online with absolutely no catch. I now have easily gathered more than 25,000 likes through out this year.
Today, however, I read the new Terms of Use that Instagram announced, which should go in effect on January 16, 2013. I have to say that I'm actually considering deleting my profile and quitting Instagram.

The new Terms of Use state:

Some or all of the Service may be supported by advertising revenue. To help us deliver interesting paid or sponsored content or promotions, you agree that a business or other entity may pay us to display your username, likeness, photos (along with any associated metadata), and/or actions you take, in connection with paid or sponsored content or promotions, without any compensation to you. If you are under the age of eighteen (18), or under any other applicable age of majority, you represent that at least one of your parents or legal guardians has also agreed to this provision (and the use of your name, likeness, username, and/or photos (along with any associated metadata)) on your behalf.

What does that mean? Well, in my opinion, Facebook is trying to turn Instagram to a Facebook-like advertising campaign fed product, that shares your name and likeness to advertise products to others, without paying you anything. They will make money from those sales, and will also not tell you that those are advertisements:

You acknowledge that we may not always identify paid services, sponsored content, or commercial communications as such.

So are we really going to allow this app to just use our pictures, make money off of them, and not give us the option to opt-out at the least or allow the share of royalties?
It's unfortunate, but if those terms don't change and instead go into effect in a month from today, I will be the first to quit Instagram, although I doubt I'll be the first, based on the media coverage regarding this topic already.
I knew things were not going to turn out good when Facebook bought Instagram. This, however, is an understatement of things not turning out good.
Instagram, fix your terms of use if you want to keep your loyal customers. Otherwise, say hello to MySpace.