The new website monitors changes to 'Terms of Service' of (currently) 44 major websites including Google, Amazon, Facebook, Twitter, The White House, and 39 others .... not exclusive of themselves.
While it's a safe assumption that MOST people don't take the time to read the Terms of Service even when they're loading software and the terms are usually right in front of them, the new website is probably more useful in noticing when a company or websites changes their Terms of Service.
Huge headlines blared across the Tech space when Facebook made 'some adjustments'. It makes good copy on a slow news day :)
While we all should probably read them (at least, read your mortgage??!! :), the intent of the Electronic Frontier Foundation appears to be to raise awareness of when your information is be shared or sold.
The new TOSBack website can be found here.