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Allow members to deactivate their profile so that all traces of themselves are hidden from other members but NOT deleted from the system. Then allow the member to reactivate their profile at any time by logging back into the system.
but this is just like u said except this:
"Then allow the member to reactivate their profile at any time by logging back into the system."
and i totally support this one!
please add this in next release 
+1
"Then allow the member to reactivate their profile at any time by logging back into the system."
i love this
facebook does this
+1