Apple updated the iBooks Author End User License Agreement (EULA) today to clarify who owns what when a book is published using the Mac application. TUAW gives a very clear explanation:
The change is an important one though, clarifying that Apple has rights over the format a book is in, not the content. If someone wants to charge a fee for an .ibooks formatted file, that document can only be sold or distributed through Apple, and that work will be subject to a separate agreement with Apple.
Basically, Apple owns the format, you own the content.
"iBooks Author: the Content is Yours, the Format is Apple’s" is an article by iDownloadBlog.com.
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