The devil in the details

Paul Murphy and his contrarian, plain-spoken ways are at it again, this time pointing out that vendor-written contracts and EULAs have no clothes. Or at least, nothing that will fit the buyer.
I'm not sure if Paul is shedding light on a little known industry problem or just pointing out, as he is wont to do, one of those things that everyone kind of knows but doesn't really want to think about or deal with. Personally I have always assumed this as a matter of course in dealing with large vendors… doing business with them is a matter of signing your life away and hoping that they never find it significant enough to collect. You rely more on their good will than the contract, or at least their general business sense if not good will.
But then a lot of you reading this blog are working at far larger organizations than I typically consult with, so maybe you have a different perspective-is it worth your while to enter into contracts with mega-vendors? Or is it just a necessary evil?