I agree that this is fairly annoying. The warning may be there initially, but it would be far more user-friendly if a warning email was sent prior to the deletion. Because of this (I'm assuming anyway), I lost 2 art streams that I literally can never replace. Had I known that deletion was about to occur, I would have absolutely backed the videos up.
I understand the need to free up server space, but to do so as spontaneously as that with no warning is a huge hit to users that could very easily be avoided with some simple automatic email usage.
This is frustrating to me as, once again, this function has caused me to lose irreplaceable artwork. Please do a better job of alerting users to these wipes. Downloading several gigs of video out of caution is less reasonable than downloading a backup to something you are completely sure will be deleted. You never know when video views will save a recording from this type of deletion. The policy desperately needs change.