Among the 3 options for your glorious SIGGRAPH (or other ACM) paper, I usually choose the new licensing agreement (option 2) because it does not require shelling out a few grands for retaining all rights (option 3) and allows the authors to retain the theoretical copyright unlike the traditional copyright transfer (option 1).
By theoretical, I meant that options 1 and 2 probably make little to no practical differences for authors, since the license transfer is perpetual and exclusive for ACM, and authors can share their preprints anyway.
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