Pete Cashmore says it’s all hot air:
This sounds a lot like talk and no action to me. Do 99% of those users on social networks care about this stuff anyway? And what difference does it make if anyone agrees to this – it seems like the return of that familiar form of verbal vaporware, pioneered a few years back by the “Attention Trust“, which asked website owners to be respectful of the “attention” of their users. Or perhaps the Blogger’s Code of Conduct proposed earlier this year is closer to the mark: that too fell by the wayside when it emerged that no one really cared about a unified code of ethics for bloggers. I guess you can call it vaporthinking.
I concur. And market forces will ensure social networking participants don’t care either.
UPDATE: A somewhat alternative viewpoint on this from Josh Catone. Good argument.