Yeah, typical boilerplate that our lawyers drafted for us. It's the standard language in the industry. We wanted to take out some terms, like "offensive and vulgar", but they were like "Do it our way, you dumb assholes." And not listening to your very experienced IP attorney seems dumb, so we just said yes and paid our invoice.
I am sure he/she is a genius, but I think their genius-ness is slightly undermined by the eccentric use of caps.
"...arising ouT of or in connection with thESE TERMS or from the use OF or inability to use the SITE, ServiceS OR COLLECTIVE CONTENT, whether based on warranty, contract, tort (including negligence), PRODUCT LIABILITY or any other legal theory, and whether or not STYLEFORUM.NET has been informed of the possibility of such damage, EVEN IF A limited REMEDY SET FORTH HEREIN IS FOUND TO HAVE FAILED OF ITS ESSENTIAL PUrPOSE."