This "agreement" is a total slap in the face to youtubers and I hope no one is foolish enough to opt into it.
What happens is they take 30-40% of your money, you get to wait a few days for them to review your video, and if you do or say something they disagree with you either don't get to publish or they take 100% of revenue. It may be well within their legal right, but it's a total rip off for content creators, a dangerous precedent to set for youtube gaming and total censorship of criticism against their company.