Actually I saw this news awhile ago..from the news of 24 oras GMA 7 "Friendster to major reformat" by May 31, 2011
It means a MAJOR... 
MAJOR... problems to us users..because it will be reformat our account contents including pictures, comments, testimonials and blogs well lose them all.
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ACCORDING TO:
Friendster, as pioneer social networking site launched in 2002, issued the warning as it prepares a "new and improved version" in the coming weeks..
As stated from it's help forum, "Your Friendster account will not be deleted.
You will still have the same email login and password in the new Friendster.
Also, your list of friends will be preserved, along with your basic profile information.
However, all the photos, messages, comments, testimonials, shout outs, blogs, forums and groups that you may have now will no longer be part of your account by May 31, 2011."
So watch out guys for the new Friendster. The "new and improved" version, that will be focused on entertainment and fun, and will have new features to better enable users to connect with friends or engage new friends with similar interests.
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NOTE:
Yeah that's a good information though..but it's kind of hassle for us users since we already had many photo albums being saved on that specific accounts..Plus with the blogs and our old comments and testimonials..so as Groups..
Damn this..Now I have to transfer all of my data and It's kind pissed me off .... 
Since I have a lot of photos and important information stored on that account..
So guys out there I just inform you about this important matter so that you can also transfer and saved some important data to other storage account or devices..
I hope this little information help you..^__^ and now I've been spending 3 hours in saving and transferring all my important documents from my friendster account...hahaisst... 
:'(