Unfortunately not. You grant them a license to use your submissions (within the terms of the license) but you do not transfer your copyright to them.

I also see this as a non-issue. This is lawyer speak for "I wish to cover my arse and prevent you from suing me for IP infringement when I am just doing what you want me to do"

The bit about the permanent license for non pictures etc. will be aimed at forums and similar.

It seems fairly clear to me, as a complete non-lawyer, that this is to prevent a situation where poster A makes a post, poster B quotes poster A and poster A sues AT&T for allowing B to infringe his IP rights.

True if you post your draft script for your next Hollywood blockbuster on one of their sites you will have seriously compromised your IP rights but the simple solution is to not do so.

Is it a difficult concept to accept that you should not post on the internet anything you don't want to give away to everyone free.