Me too, been using it for quite some time. Can follow me if you like and I'll follow back, link is on my blog in "about" section.
I really don't understand the purpose of Instagram. I've seen pictures people have posted with Instagram, and they look like shit. To me it's just a way for people to make something that took zero effort look like "art". The thing that annoys the hell out of me is that fake shallow depth of field shit - it's always so obvious that it's fake. Example: my friend took a picture of a fire and applied the fake depth of field thing to it. The result: the top and bottom of the fire looked out of focus. WTF? Why would a fire look like that? The whole thing just reeks of laziness and conformity. But that's just my take.
The idea really is that it's like facebook but the pictures do the talking instead of the words, ie your just sharing a snapshot of your day or something your into. And while it is fake and not professional, considering how limited it is it's surprising what some of the results are.
When it came to videos, you have Youtube. Social media, Facebook and Twitter. Pictures? Really wasn't much until Instagram. It's simple which is why it works so well. Noob example incoming.
Apparently it's all been a misunderstanding, they messed up the legalese. Your pictures will always remain yours. Although as someone quite rightly said, if you're ever worried about maintaining copyright on your pictures, why host them on a site other than your own in the first place without water marks?