I like the idea, and could even be interested. A demo site or even a few screenshots would help. I don't want to sign up just to see if it does what I hope it does.
Edited to add:
If you actually click through to the terms of use, then go back to the sign up form, your details are deleted, but it seems like you can't open the ToU or privacy policy in a new window.
Edited to add: If you actually click through to the terms of use, then go back to the sign up form, your details are deleted, but it seems like you can't open the ToU or privacy policy in a new window.