What are the ramifications (legally) for registering blogspot domain with Google? Anyone do this?

Do you have experience publishing your Blog using Blogger and then getting a domain name with Google? Also, can you understand “legalese”.....? Here’s my situation…(I apologize for the length…I had to include the clause at the bottom of the page.)

I have been blogging using Blogspot for awhile and wanted to register my domain name (rather than use blogspot). It seemed simple…I can just click and publish with Google. I want to make sure there are no “loopholes” that I have not looked into…for example, that if I publish with them, register my domain name and they own that and what I wrote for the rest of my life and into the seventh generation and I cannot publish with a book publisher or anyone else. I have italicized the part that says (I think) that I own whatever content in is there….is this correct? Do other registration sites also have such a clause? (Like “Go Daddy”?)

If anyone who understands “legalese” can look at this and interpret this…I would appreciate it.

Thank you very much!

Here is the clause:

9. Ownership; Restricted Use. Google and its licensors shall own all right, title and interest, including without limitation all Intellectual Property Rights (as defined below) relating to the Service (and any derivative works or enhancements thereof), including but not limited to, all software, technology, information, content, materials, guidelines, and documentation. Customer shall not acquire any right, title, or interest therein, except for the limited use rights expressly set forth in the Agreement. Any rights not expressly granted herein are deemed withheld. “Intellectual Property Rights” means any and all rights existing from time to time under patent law, copyright law, semiconductor chip protection law, moral rights law, trade secret law, trademark law, unfair competition law, publicity rights law, privacy rights law, and any and all other proprietary rights, and any and all applications, renewals, extensions and restorations thereof, now or hereafter in force and effect worldwide. Google does not own third party content used as part of the Service, including the content of communications appearing on the Service. Title, ownership rights, and Intellectual Property Rights in and to the content accessed through the Service are the property of the applicable content owner and may be protected by applicable copyright or other law. Customer agrees not to, or to allow others to: (i) adapt, translate, or modify the Software; (ii) decipher, decompile, disassemble, reverse engineer, or otherwise attempt to discover the source or object code of the Software, except to the extent applicable laws specifically prohibit such restriction; (iii) copy the Software; (iv) use the Service for High Risk Activities as described in Section 13; or (v) sublicense, loan, sell, rent or lease the Service, or any component thereof. Any and all third party binary or source code included in each portion of the Service may be used only in conjunction with such portion of the Service, and such use shall be subject to all the terms and conditions of this Agreement. THE SERVICE OR ANY PORTION THEREOF MAY NOT BE USED, COPIED, TRANSFERRED, OR MODIFIED EXCEPT AS EXPRESSLY PERMITTED BY THIS AGREEMENT.