Arash Ferdowsi, CTO of Dropbox, wrote to me to clarify Dropbox's present and historical privacy policy:
— Read the restfirst, I'd like to clarify what our intent was in how we represented privacy in our TOS. in our help article we stated "Dropbox employees aren't able to access user files" we didn't intend to mislead anybody with this statement – we prevent this via access controls on our backend as well as strict policy prohibitions.