This is very very disturbing. I truly feel for you, personally. Are there any sites that indicate which companies do (and don't) have such a policy?

Another question that arises would be the following (very non-hypothetical):

I am currently an employee of a consulting firm, working on some client site doing programming work. When I'm not working there, I have a second job, as a contract worker, doing different programming work. The contract specifies that all work done for the moonlighting job belongs to the contracting party. That's cool.

Does it also belong to my consulting firm?!? *blinkblinkblink* Who owns it? *sighs* As I've only done design work for the second job, it hasn't gotten to your point, I don't think. But ...

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We are the carpenters and bricklayers of the Information Age.

Don't go borrowing trouble. For programmers, this means Worry only about what you need to implement.