I too find it unfortunate, that is why i am a bit picky about it. Nothing changes if people don't ask for change. I would find it in much better taste if your policy tells what you do instead of focusing on creating legal room for what you say you don't.

What i find most interesting is the metadata piece. Photos often have time and location information attached (exif), especially if your service sits close to the camera.

You reserve the right to harvest those. Why? (It's a rhetoric question: the answer is of course: the lawyer said such wording protects you from getting sued)