It's effectively a standard term in their service agreement to protect their ass, and this type of agreement is probably in a lot of products on the web that you use. Could be related to Cortana, it searches in several places for information and even uses your emails in order to provide information such as events, order delivery dates, etc. Agreements such as this, in a sane court of law, won't affect your rights of IP, not sure how crazy the law system is over where ever you are, but over here in the UK MS wouldn't get away with pulling a stunt ripping off IP from its users. ( I would hope, at least, the system is stupid but sane against its own stupidity)