It's even worse when you consider the information they ask for to "sign up for" their services --
IF you click on "Signing up for Flipmail -- Step by Step" in your link, you get the Flipmail help:
"...How the sign up process works
The sign up process takes most people about three minutes and includes the following steps:
First, well ask for your email address, the password to the e-mail account you want to get e-mail from on your phone and your cell phone number (the number you want e-mail flipped to). This will create an account on our site and will help us configure the service for your needs. This account allows you to access and customize your flipMail settings for added convenience....
... If youre using an e-mail account for a school, government agency, organization or business, we may also need to get some information about your incoming e-mail server and other advanced email settings. They should be visible to you in your toolbar check around for email options. If you have trouble finding your settings, ask your email administrator or internet service provider for this information....
... Simply type or copy and paste the email addresses you want to allow flipMail to send to your phone. Some users find it useful to copy and paste from a .CSV file of their contacts which can be downloaded from most email programs. ..."
O.k, so they only want my email address, my email PASSWORD, my ISP info, my phone number, my contacts' email addresses, and my contacts' phone numbers. And, like you said, they may SAVE any info I give them, share it, or change their privacy policy totally. Umm .. think I can afford the $5/month, or whatever after all.