Boing Boing calls this purchase agreement from the early 1900's "abusive." How can one be "abused" when one freely agrees with the terms of a license? When one gives up one's right to make agreements, no matter how onerous they may appear, one gives up the right to control one's existence.
Of course. Boing Boing wants the opposite: to be able to do whatever one damn well pleases if one is a "consumer." If one's a producer, on the other hand, all bets are off. I imagine Boing Boing consumers like Steven King's Lanoliers, all gaping maws eating up whatever's left at the end of time. You'll have to watch the B-movie to get the full effect.
In general, this just shows the long history of recorded intellectual property being licensed, not purchased, giving the lie to those who say that they've "purchased" their music and video and should be able to do whatever they want with it. Again, all I can say is: read the label, and if you don't like the terms, don't buy it. Engaging in theft is not a legitimate alternative.