The updated terms are already causing a bit of a furor online. Most of the changes are related to planning monetization services on the platform.
Here is one of the interesting terms under the heading Rights:
You acknowledge that we may not always identify paid services, sponsored content, or commercial communications as such.
If you are an Instagram user, do go through this page and make a decision right now. There are tons of alternative services that you can migrate to if the new terms makes you uncomfortable. Google has Snapseed which you can use to share photos to any social platform of your choice. Twitter also allows for photo sharing with filters now.