A revised terms of service will be pushed to SL residents as part of the v1.5.5 update today. You'll need to agree during log-in.
The Terms of Service serve as the legal agreement for the customer relationship between you and Linden Lab. The specific sections which have changed are:
1. Section 3.2: added account limits per credit card
2. Section 5.1: clarified that behaviors include actions within Second Life as well as 'uploads'
3. Sections 3.7 and 7.1: added a refund clause for termination due to 'bad acts'
4. Sections 7.2 and 9.1: clarified that Linden Lab does not have a service level agreement in the EULA, and will not offer refunds for interrupted service
5. Section 12: added binding arbitration for dispute resolution.
You can read the new TOS here.