meetyourmessenger.co.uk - is it dodgy?

My friend asked me what I thought about it and when I looked into its EULA agreement it sounded “fishy” and I checked siteadvisor and it has a lot of red comments, so I thought I would ask your opinions on the site

Some opinions here:

http://blogs.warwick.ac.uk/johnwaller/entry/meetyourmessengercouk_whats_that

http://cotojo.wordpress.com/2007/07/24/meetyourmessenger-bad-news/

I thought it was fishy as soon as it said please enter your password and e-mail address, basically you are giving your account away to a certain degree, thankyou for the links

ps if anyone has had any bad things happen due to this site feel free to post