I'm sorry ... I originally meant to reply days ago but something came up in the middle of my post, and I closed down the window and forgot all about it. Days later I thought I posted already.
I certainly don't think that all of the legal mumbo jumbo is necessary for a community such as this one - at least not yet

At this time, nothing has gotten out of hand and ... basically, if it ain't broke don't fix it.
However, I took your opinions into consideration and decided to include a link to a Privacy Policy in the footer. The contents of this policy are actually the default registration agreement for the phpBB bulletin board software. However, instead of users being presented with this policy upon registering, it's simply an unobtrusive link.
It basically states that you shouldn't use vulgarity, do illegal activities, etc etc on this website; That moderators and administrators may alter or remove your posts at their disgression; As well as exactly what user information is collected in our database and that we won't distribute this information to 3rd parties.