If I sign up for a Wordpress blog that is hosted for free by Wordpress here, who will own the content I post, and how much storage will I have? I know I could ask their customer support, but I don't trust companies (their lawyers specifically).
From the TOS:
By submitting Content to Automattic for inclusion on your Website, you grant Automattic a world-wide, royalty-free, and non-exclusive license to reproduce, modify, adapt and publish the Content solely for the purpose of displaying, distributing and promoting your blog. If you delete Content, Automattic will use reasonable efforts to remove it from the Website, but you acknowledge that caching or references to the Content may not be made immediately unavailable.
It means that you own it but they have full rights.
For storage: you can upload up to 3 gigabytes of attachments for free, and can pay for upgrades after that. I think post content has no limit (and it would be very hard to reach 3 gigabytes with post content alone).