It seems to be something along these lines - a vigilante group are wandering LJ to find any journal or community with 'suspicious'-looking interests or icons. They then report it to LJ, who legally have no choice but to suspend or delete the accounts since they've been pointed out to them as being potentially Bad. To those with RP journals, specifically those who play the more interesting fandoms or villains, this means you're potentially going to lose years of work and joint writing because of some twinks who can't tell fantasy from reality.

And what's this about having to delete any suspicious-looking icons?

Yeah, they're trawling the interests lists looking for something to pounce on, and icons are another thing they're looking at. Instead of, y'know, actually reading any disclaimers or journal snippets to work out whether it's IC or OOC.