In the face of the widespread backlash over its new terms of service, Facebook has reverted to the old TOS while they work out a new new version, which users can contribute to by joining the Facebook Bill of Rights and Responsibilities group. As Eric Eldon at VentureBeat says: “Well, that was pretty fast.”

Mark Zuckerberg announced the change on the official Facebook blog; Kara Swisher at All Things Digital was lightning fast in her screamingly funny interpretation and analysis of the post.

Taking a look at a Facebook user poll on the matter, Adam Ostrow at Mashable comes back to the issue of the social network’s endlessly ironic communication problems:

“As with Facebook’s past transgressions, the problem seems to be less about the net result than the poor communication on the company’s part. While they blogged about changes to their terms of service back on February 4th, the changes to the part everyone is now furious about was omitted from that post. And once again, the company’s increasingly well-known CEO is hung out to dry, defending unpopular changes, as opposed to promoting all the exciting things going on at Facebook.”

Meanwhile Jessi Hempel at CNN Money takes a closer look at how Facebook is taking over our lives, with a view to whether the social network can ultimately turn a profit.

Elsewhere on the web:

Patrick at 10e20 provides the ultimate how-to on social media buttons, tools and badges – a must-read for anyone working in social media marketing.

Joshua Benton at Nieman Journalism Labs posts an interesting analysis of monetising content online, using 4chan’s recent coverage in the Washington Post as an example.

Jennifer van Grove at Mashable gets excited about Tumblr’s new features, including audio posts and saving drafts.