When Given the Opportunity to Revise Work Contracts?

smurfeater asks: "I know this topic has come up in the past, but with the IT market as it is, it may be a good time to review. I have been working at my firm for over a year now and today they came to me with a Confidentiality and Non-Compete Agreement. To make a long story short...due to their SNAFU they are allowing us to modify the agreement a bit. What things should we ask to be included, excluded and what time frame should it cover?"