Does Anybody Read Terms of Service Agreements?

Last week in my Cyberspace Law Class we were educated on the importance of Shrink Wrap Licenses, Click Wrap Licenses, and Browser Wrap Licenses. You can read all about my class room perspective here.

Basically, all those licenses are the licenses we consent to when download software, buy it on CD or use a web based software (webware). I will admit here and now, I don't read a lot of the licenses. In fact, I've probably read a total of six all of which was required for my Technology and the Law class last summer. What does all this mean? It means those of us who fail to read the "I agree" screens and just click "I agree" are actually consenting to terms we've never read. Which leads me to ask: How effective can those licenses be if nobody actually reads them? Doesn't Contracts 101 require a "meeting of the minds" before a contract can be formed?

I have a few theories on why nobody reads those licenses:

1. Nobody likes reading blocks of text, it makes us tired and we're overwhelmed by the idea of having to read tiny text on a screen that spans 20 pages.
2. Even if users did take the time to read the licenses, nobody would understand what they are saying because they are written in overly complicated legalease.
3. It's too easy to just click "accept" or "I agree" and finish installing the software.

Would you read the the terms of service if they were:

1. Written in plain, simple, everyday terms, short and to the point. (Like bullet points).
   
2. Were pictoral or visual like the Creative Commons Licenses?
3. Reminded you with updates of new terms?
4. Were easy to find on a website or from a software?
5. Required you to type the main point of the license, such as, "I agree not to share the music I download"?
6. Required you to check an accept button next to each statement you consent to?
7. Allowed you to negotiate the terms with drop down boxes or choices?
   

I want your opinions and thoughts as well. Do you read the terms of service of all the websites you use and do you actually read the legalease posted on the "I accept" pop-up windows when installing software? Tell me if any of my theories fit with why you don't read the licenses. Suggest your own theories!