Blogger versus Wordpress.com and content rights

I am thinking of starting a web serial and want to put it on a blog, so the two big options I have are blogger and wordpress.com (I don't have the startup costs for wordpress.org, unfortunately).

I've used blogger before, find they have better free customization, and know that it's easier to monetize on blogger than wordpress.com, should I eventually want to do that. However, when I mentioned this to someone yesterday, they said using blogger was a terrible idea because of this from Google's TOS:

Some of our Services allow you to upload, submit, store, send or receive content. You retain ownership of any intellectual property rights that you hold in that content. In short, what belongs to you stays yours.

When you upload, submit, store, send or receive content to or through our Services, you give Google (and those we work with) a worldwide license to use, host, store, reproduce, modify, create derivative works (such as those resulting from translations, adaptations or other changes we make so that your content works better with our Services), communicate, publish, publicly perform, publicly display and distribute such content. The rights you grant in this license are for the limited purpose of operating, promoting, and improving our Services, and to develop new ones. This license continues even if you stop using our Services (for example, for a business listing you have added to Google Maps). Some Services may offer you ways to access and remove content that has been provided to that Service. Also, in some of our Services, there are terms or settings that narrow the scope of our use of the content submitted in those Services. Make sure you have the necessary rights to grant us this license for any content that you submit to our Services.

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Now, this is Google's general TOS, and that's attached to blogger. For certain services this makes total sense but for a blogging site, I can understand that this is a bit scary. While I assume wordpress.com must take some similar rights, I see nothing in their TOS that's so extensive... and I never really worried about this sort of thing before because I never really blogged seriously.

I know all of you aren't lawyers, but is this something I should be concerned about?

Yeah, that's kind of what I thought. Especially considering there are a lot of blogging platforms, if Google decided to do anything too fishy, there'd be a mass exodus because there are a good number of alternatives, kind of like what happened to LJ.