I read through it yesterday, but it gave me the feeling that things still aren't resolved. It just sounds like they didn't think through things well...one, they don't want people to self-promote by pinning their own things; and two, you can't pin things by other people unless you have their permission to do so. Kind of negates pinning almost anything.
After reading the comments, I saw at least one photographer who sent Pinterest a cease and desist letter and had her images removed...it just looks like it could get a lot uglier before it gets better.
The part that really got me was the fact that if someone is sued for repinning an image without permission, that person not only has to pay for a lawyer for themselves, but also pay for Pinterest's legal fees as well. I went ahead and deleted my photo inspiration boards, as well as several others for that specific reason. I doubt I'd get sued, but no use taking chances...and I'm sure the people who got sued in the Napster mess thought they'd be in the clear too. I'll still browse Pinterest, but the legal issues aren't worth it to me until they get things cleared up.