They now reserve the right to sell your name, your likeness, metadata and your photos. While it is true that author of the photo still maintains ownership rights as a whole, uploading your images to Instagram not only gives them the right to use the image anyway they wish without compensation, but to be able to market you personally - anyway they wish - without compensation. That's is making people uncomfortable. At a minimum, pros will run from the serivice.

Here's what has people in an uproar in the new TOS. Section 2 under RIGHTS.

2. 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.

Want to read the whole terms of service? Here you go. http://instagram.com/about/legal/terms/updated/