Interesting Terms of Use

I've been researching website TOU, and I happened across these at Instapundit.com. These terms are a kick:

(1) By accessing the content on the site, you agree to be bound by the terms.
(2) Users may not sue the InstaPundit site "for its content, whether original or linked or quoted from another source, in any court, on any grounds whatsoever in law or equity."
(3) Any user who sues in violation of (2) owes $1 million in liquidated damages.
(4) Any user who sends a demand letter must post $1 million in security for the liquidated damages.
(5) Anyone who reads the terms and wants to opt out of the TOU may do so, but he or she must destroy any and all copies of the site's content and send the InstaPundit an affidavit certifying to the destruction.

Has the InstaPundit completely limited his liability — even for copyright infringement?