While Microsoft is moving to a Windows as a service model, Windows itself is not included in the list of covered services. That list includes stuff like Microsoft accounts, Bing, Cortana, Office 365, OneDrive, Xbox etc. The part to maybe be most concerned about is #7: "Updates to the Services or Software, and Changes to These Terms"...
We may automatically check your version of the software and download software updates or configuration changes, including those that prevent you from accessing the Services, playing counterfeit games, or using unauthorized hardware peripheral devices.
So that you can use material protected with digital rights management (DRM), like some music, games, movies and more, DRM software may automatically contact an online rights server and download and install DRM updates.
It's not spelled out whether that's intended solely for the Xbox, or if having win8.1 or 10 tied to a Microsoft account for example gives them whatever rights under that agreement to search what you've got installed in Windows, & then update Windows accordingly.
It might or might not dissuade you from using Any of those services, but everyone should do so with their eyes open -- Microsoft has, does, & will make mistakes [wouldn't have near the amount of updates if they didn't], & knowing that they made a mistake won't help you one bit if they intentionally break something like a game.
[http://www.neowin.net/news/microsofts-updated-services-agreement-will-stop-you-from-playing-counterfeit-games]
[https://www.microsoft.com/en-us/servicesagreement/]
