"it will be wiping all existing data on user profiles...
"...including photos, posts, and rants."
Wow! So if you were on Friendster and you posted something you later regret, it *will* actually disappear from the Interwebs instead of being there in perpetuity as per the policy of certain other social networking sites...!
(Deleted and reposted for an egregious typo of "their" instead of "there"!)