Looked at facebook just now, and sure enough there in the footer (if you're fast enough to click on it before the infinite scroll kicks in) they have this http://www.facebook.com/full_data_use_policy, which reaffirms my suspicion that using only what the author suggests probably isn't quite as safe legally.

That said, I definitely agree that putting a simpler layer on top of it so non-lawyers can get the gist of your policy quickly is a great idea - now item 1,000,001 on my startup's to-do list!