"To make a test account, register on Facebook as you normally would. Then, when logged in to the test account, go to this URL: http://www.facebook.com/developers/become_test_account.php
Personally from reading only to this point I would assume that it makes a new account, rather than make the current account become a test account. Even though that description is embedded in the URL, it isn't in the English text.
The warnings come afterwards, starting "A few important things to note". I think the description is ambiguous, and don't get the impression that it will trash your personal FB account.
This is such a nasty security problem it's not even funny. I haven't (and daren't) try. But if people start putting that URL on lots of public sites, and people click on it, then it will make a lot of people angry with FB. That suggests a solution - post the direct link to HN and other sites and get enough people to click on it that FB has to respond. Not a nice solution though.
Even worse, it looks like it's a regular GET request, which isn't supposed to have these sorts of side effects. (Again, I haven't tried.)