Deactivating accounts

I see a deactivate account link on our profile settings page.

Can the site developers describe exactly what happens to your account when you click that link? I understand that it deactivates the account but what exactly is done to your account?

Does your profile disappear and all your posts or do you just lose access?

@shadowchronicle: If you click the link, you can see a full description of what it does (don't worry, it won't delete your account unless you proceed after that!). In short, it just anonymizes your account, but does not delete content you posted in Comments/Forums, etc.