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I'm no legal or computer genius, but I don't think I'd get worried just yet.
I'd question the jurisdiction aspect - I'm pretty sure the TFP server is not in NJ. At times it hasn't even been in the US.
One way you can tell it goes too far is that it is virtually unenforceable. I don't know how we'd ever verify that people were giving us correct addresses while falling under the label "reasonable measures". After all, we've got 58,000 registered users, and I'm pretty certain some of you guys move from time to time...
The other thing is that this is aimed at "defamatory content" while not specifying who decides what this means. Is something defamatory because I feel defamed? Or are we hinging on court decisions here, which is a little ridiculous because how are you going to go to court before you know the defaming party's identity? A little of a chicken and egg problem there. At any rate, libel/slander/defamation suits are surprisingly hard to win in court...
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Cogito ergo spud -- I think, therefore I yam
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