When you upload or otherwise submit content to our Services, you give Google (and those we work with) a worldwide license to use, host, store, reproduce, modify, create derivative works (such as those resulting from translations, adaptations or other changes we make so that your content works better with our Services), communicate, publish, publicly perform, publicly display and distribute such content. The rights you grant in this license are for the limited purpose of operating, promoting, and improving our Services, and to develop new ones.
If I store some innovative new projects that compete with Google on there, theoretically they could use anything I put on there to develop new services.
Yeah, I’m staying away.
Update: The Next Web is reporting that this is incorrect. I’m not sure, but I know I also don’t want to play with fire.