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Users have a reduced time period to take legal action against the service
If you wish to bring legal action against a service about a past incident, you may not be able to do so if the Terms you agreed to implied a limited amount of time. As a result it may be worthy to carefully read that section of the Terms to know exactly how much time you might have before your right to take legal action expires.You waive your right to a class action.
The right to be represented in a class action (or representative action) exists in the US and some European countries. It allows people who have been similarly injured by the same accused to take legal action by a single lawsuit instead of individually. Some Terms of Service try to limit that right. By agreeing to them, you could waive (= renounce to) your right to a class action, which might reduce your chances to be successful in a case.