Actually, that's not the same email I got. I received that one a while ago, and a new all-text email is now out that takes you to a
page that is similar, but includes a Create Account button and no "coming soon" note at top. Did you click on the B&N Terms and Conditions, or the T&C accessed from question 15 of the FAQ (the "here" link)? And what happened when you signed in?
Edit: It looks like the T&C link at the bottom of the new PubIt! page works okay, so don't try to access it from the FAQ. Of note is item VIII. Security/DRM: It suggests DRM is applied
at the publisher's request, which is good.
The rest of the agreement isn't so hot. B&N has the right to set the price for your book, regardless of your suggested list price... royalties are not specified, except in a Service Policies document that (surprise, surprise) does not appear... they state they have the right to "correct errors" and edit formatting on your book, and the only recourse you have to any errors they introduce is to yank the book, a 5-day process... they retain the rights to yank your book
in an instant if they don't like the content... etc... etc...