Its a pretty safe bet that Lucas is fully aware about this site and i would have thought that if it was a clamp down on fan edits then OT.com would have been slapped with the same notice as the "REBORN" MySpace site was by now.
Also, last time I checked www.starwarslegacy.com was still up, and that website is about as up front as you can be with a fan project. I think Lucasfilm doesn't care so much about our hobbies in of themselves, but the out-and-out proclamation of distribution (which a www.myspace.com page could seem to imply) is a BIG "no no."