So if you use the Rift to write a novel, any earnings from the novel belong to Facebook because you used the Rift. Oculus can use anything you developed on the Rift in anyway it likes without your permission,
“By submitting User Content through the Services, you grant Oculus a worldwide, irrevocable, perpetual (i.e. lasting forever), non-exclusive, transferable, royalty-free and fully sublicensable (i.e. we can grant this right to others) right to use, copy, display, store, adapt, publicly perform and distribute such User Content in connection with the Services. You irrevocably consent to any and all acts or omissions by us or persons authorized by us that may infringe any moral right (or analogous right) in your User Content.”
Oculus can use it even if you don’t agree with its use. Oculus does not go as far as saying that it owns the content—but it can does want access to it in ways that some creators might find intrusive.
OK that is not going to be a problem if you use the Rift as a gaming platform, but many are thinking that they can use it as a desktop interface, which means all that business information is going to belong to Facebook.
You might not be aware that the content has been taken either, because Oculus is allowed to collect data from you while you’re using the device.
Another clause is also worrying, basically it allows the Rift to be used to spy on anything you do on your computer and track your location and map out the room it is being used.
Location information, which can be derived from information such as your device’s IP address. If you’re using a mobile device, we may collect information about the device’s precise location, which is derived from sources such as the device’s GPS signal and information about nearby WiFi networks and cell towers; and
Information about your physical movements and dimensions when you use a virtual reality headset.’
This data may also be used to directly market products to you.