tickle_me_elmo

I'm drafting a privacy policy for my site.

One of the things I'm debating is how much information to disclose about affiliate links on the site.

Do I need to disclose the affiliate company I work with and to what extent should I get into the details about how the whole thing works?

I was looking at the HN legal page: http://ycombinator.com/legal.html

The "terms of use" are extremely brief:

Terms of Use: When you click on a link, our server will send you the corresponding page.

Are you required to have a policy statement/legal page?

If so, what needs to be in there?