America Online recently revamped its Terms of Service (TOS), announcing that "You waive any right to privacy. You waive any right to inspect or approve uses of the content or to be compensated for any such uses." This applies to AIM users.

For anyone who has downloaded the AIM instant messaging application since February 4, 2004, AOL has the right to "reproduce, display, perform, distribute, adapt and promote" anything they place on the network. This change may impact businesses.

Applications such as AIM@Work encourage professionals to use IM software for business but if AOL can appropriate what they say, business could be affected. AOL executives have yet to respond to explain the privacy changes.

Source

um, before anybody gets to worried, they changed it again- now all user to user conversations are private and a few other tweaks, but you can read it for yourself.
http://www.eweek.com/article2/0,1759,1776146,00.asp

This is one reason they instituted the ability to use SSL Certificates; to protect your privacy...

If you want a FREE and LEGIT ssl certificate see the Windows Security forum, I made a post last year about a FREE trusted root certificate.