Good point. I'd never looked at it before, but this sentence rubbed me the wrong way:

In addition, you are permitted to edit the source code, provided that a copy of all substantial modifications are subsequently sent via electronic medium to Everything Development

So who defines "substantial?" And why should I have to send in any of my modifications to source code that I have downloaded?

To be fair, the page at http://everydevel.com/index.pl?node=Everything%20Core&lastnode_id=205 does state that:

The current release is distributed under the Everything Pre-Release License. It is fairly strict as it does not allow for redistribution or commercial use. Our intention is to mellow the license agreement out for the one-point-oh release.

Yes, mellowing would be good. Perhaps even something GPLish?