I just accepted the UELA for being a diamond mod on the site that I moderate.
I think this is a great move, especially the bullet points regarding what you can and can't do with the information, and that we're not SO employees.
I even read the Terms of Use and Privacy Policy as required. But would it be possible to get a laymans-term summary of the ToU and PP at the top? That way I think more people would actually understand what was in it.
Otherwise it's a bit like how Apple want me to accept a 43-page EULA on my iPhone before I'm allowed to download the update to an app.