From what I understand, you can only ever waive your right to legal redress in civil matters. If EA actually does something *criminal*, you can still take them to court even if you agree to this document, because you can't waive their responsibility for criminal acts. You can, however, grant them a waiver of responsibility for non-criminal things like, say, overcharging you accidentally, or showing you advertisements you deem "offensive" (which you can sue for nowadays).
Frankly, in these litigious times, any company *not* covering as much of their ass as the law allows is probably being negligent.