scott_mcleod: Before anyone gets too excited you'd all better read this (all of it):
I shall say no more... (except a thanks to Thom Hogan for pointing this out in his blog)
The no commercial prints part was specifically about Lytro content, not user content. They make a distinction, and they state: "We do not claim ownership of your living pictures; they are yours. "
As a website owner myself, their Ts&Cs look standard for a website.