I like AOL very much, and I've seen that page before. Allow me to address some of the issues:
1) Security - All ISP services have security risks, it is just something we have to live with.
2) Censorship - I happen to like censorship. If you want to swear, AOL is not the place to do so (you can always go to the web).
3) Busy signals - I haven't gotten one in a long time...
4) Spam - See #3
5) Legal threat - It sounds to me that someone was impersonating an AOL employee, but that may simply be an over-zealous worker. Nothing bad happened as a result, at any rate.