I don’t think anyone reads these agreements word for word, but there are some interesting and important areas everyone should be aware of. For example, for those web hosting companies that offer unlimited hosting (space, bandwidth, etc.), there is usually a section prohibiting using their hosting for things like a primary archiving or backup vehicle. The bottom line is they reserve the right to determine what is exactly constitutes unlimited usage.
Another area that is usually addressed in the T&C is the company’s data backup policies. While each company may be slightly different, again the main purpose here is for the company to cover themselves from any legal responsibility to back up your website and data—though they also usually state that they do perform backups at some time. For more on web hosting backup policies, see my previous post.