Up front let me share I am as yet unpublished, but have spent time learning about the business end of being a writer. If ever a publisher offers me a contract, I want some idea as to whether what is offered is standard or aberrant. Having an agent would help with that, but, again, knowing what's standard is necessary to choosing a good agent!
On the off chance you haven't heard about this, there are several divisions of Random House focusing on ebooks - yes, that big name publisher - that have predatory terms in their contracts. What John Scalzi calls "... A HORRIBLE AWFUL TERRIBLE APPALLING DISGUSTING CONTRACT WHICH IS BAD AND NO WRITER SHOULD SIGN IT EVER." (all caps is how he wrote it) He has done a number of posts about it: Hydra imprint and Alibi imprint and even moar. These contracts include the writer giving the publisher full world-wide rights to the work for the life of the copyright!
This issue is getting Random House a lot of publicity, but not the good kind. A sampling includes Book View Cafe (a writers co-op), The Huffington Post, and Forbes. Some folks have remarked these contracts are similar to what the music industry started offering musicians years ago. To help prevent the same nastiness happening to writers, we need to spread the word and refuse to sign contracts like that!
Don't be so eager to publish that you give away your rights and future earnings. You don't pay someone else for the work you did. They pay you. Remember money flows TO the writer.
Edit: The good advice, it keeps coming. Here's Chuck Wendig's 25 Things to watch out for. (For those not familiar with Mr. Wendig, he uses "naughty language.")
Daughter of Edit (3/12/13): Hey, all the noise had an effect! Looky here --> http://accrispin.blogspot.com/2013/03/random-house-announces-new-terms-at.html
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