from what i can see on the Lytro website, it they have the rights of the image you put on there, they can :
We do not claim ownership of your living pictures; they are yours. To enable us to operate Lytro.com and provide its services and functionality, with respect to content that you submit to Lytro.com you grant us a non-exclusive, fully-paid, royalty-free, worldwide, sublicensable and transferable license to:
Copy, store, display, and distribute such content;
Modify and create derivative works of such content by using our light field picture player or another player approved by us. We may allow our users and visitors to create other modifications or derivative works and print your content for their personal use;
Transmit copies of such content to, and embed such content on, other websites;
Display the Lytro trademark with such content; and
Display and feature in public areas of Lytro.com, at our discretion, certain of your public living pictures selected by us.
and i gather you can view the pictures on your computer or tablet but it has to be connected to the internet (presumably only via there website). or you can just keep the image on your camera..
Im not so contract savvy and am really excited about the Lytro camera and for only $400 too thats awesome, but its a b it vague, about quality and rights.. but im certainly looking forward to some 'cracked versions and for what the future holds.. in fact the future is here,
im so excited i peed a little bit more in my wetsuit than usual