Google has launched their version of a "website overnight" - Google sites. Those who keep up with Google expected this to come soon.
Google Sites look easy to use (Great!) and manage. But, can you place ads on your Google Site? Can you use it for affiliate links? Can you create a social network site using Google Sites? My guess is no. I read through some of the Google Site terms (even more - conditions and privacy) and it states clearly (in more ways than one) that Google Sites has the right to take down your content (for breaking their terms/conditions). With the amount of restrictions, it would be easy to break a term/condition and not even know it.
The answer to the title, do you own the content? No, you don't. The convenience is there, yes. You work on the site, yes. You add content, yes. You use your time (not a Google employee) to manage the Google site, yes. But it is not yours. This seems like a theme with Google, thus my lack of love for them :(
My advice? Use it to learn more about building site content, train employees new to building conent, learn to use a wysiwyg editor and so on. When you are ready to "own" your own content, files, community, go with a good CMS - Drupal.
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