Looks like the new terms of service from the dashboard update are almost similar to what Sony and EA did with their services in limiting the ability to sue. Although like the other two companies, only the US is actually affected with the new restriction terms.
Besides restricting the ability to create a class-action lawsuit, Microsoft now only claims liability of $5 for Gold members and $0 for Silver/free members should any problems occur from the update.
http://www.vg247.com/2011/12/07/new-...iability-to-5/