I was referring to paragraph 2, in the gagnonrich post, where the terms explain "without the right to modify Member Content, MySpace.com would not be able to digitally compress music files that Members submit or otherwise format Content to satisfy technical requirements..."

The last two sentences are also different from most website galleries.

The license terminates when the user leaves MySpace.
The license does not allow MySpace the right to sell or distribute content out of MySpace.
There's nothing saying MySpace can sublicense your work  Until MySpace owns TV and radio stations (Rupert Murdoch owns MySpace, but not the other way around), the license does not allow the speculated usage. Should that ever happen in the future, delete your membership and they no longer have the right for such usage.

If you can find an online gallery with better terms, post them here. From reading the terms posted in this message, the MySpace terms aren't bad compared to what else is out there. The Renderosity terms are good.

Here's devianart's terms (and there's much worse than this):
"deviantART does not claim ownership rights in Your Content. For the sole purpose of enabling us to make your Content available through the Service, you grant to deviantART a non-exclusive, royalty-free license to reproduce, distribute, re-format, store, prepare derivative works based on, and publicly display and perform Your Content. Please note that when you upload Content, you allow third parties to copy, distribute and display your Content."