It could also be worse. Without long-term, scientifically valid studies, no one knows for sure.
> It's not like meals are an arcane science working some unknown magic on your body, it's about biological needs and chemistry.
The workings of the body are not fully known, even today. There are many unknowns in nutrition, which is precisely why none of the pharmaceutical companies have a "replace all meals!" product.
I would like to try this for those times when I'm short of time to cook and resort to ordering a pizza for example, not as a complete replacement. And I think it would be advisable for the people interested to do that as long as there's not serious research.
However, currently there are serious studies about the bad effects of fast food on your health, it's not an unknown. The way I see it, you are more worried about something that could be bad than about something we know is bad. It doesn't add up to me. Sounds like neophobia. And I'm sorry in advance if I seem rude.