The Account wipe was a temporary test to see if the item database was in fact what was causing the problems. It obviously isn't and Cola has said that once the real problem is figured out and fixed, the item database will be restored.
There have been wipes of characters and accounts in the past, there have always been rollbacks and glitches, and the community has NEVER been guaranteed that everything was going to be perfect all the time. In fact, Gm warned people that things could be rocky while everything was perfected.
So take it easy =)
I will be monitoring this topic as well, if you can't contribute, don't post at all.