Recently studies have shown that if you were to read all of the privacy policies and terms of services it would take around 76 work days, each year. It would be impossible to read them all. Consumers however are still bound by these contracts despite not having read them or understanding them. It is ridiculous however to say to companies that they should not attempt to protect themselves legally with large contracts. Requiring a summary would increase comprehension among consumers of what companies want with these contracts while also protecting them from unreadable documents.
Scources and further reading:
http://techland.time.com/2012/03/06/youd-need-76-work
http://www.wealthwire.com/news/liberty/2818
http://www.mendeley.com/research/the-cost-of-reading-privacy-policies/#