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Yes, we leave the minimum standard fields in place when using Formulize and Reg Codes, so that things like signatures in forum postings will work, and you obviously still need E-mail address, and we consider full name to be fundamental.
So if you want to mess even with the basics, Formulize and Reg Codes won't be for you.
We do get rid of all the non-necessary fields, like AIM, ICQ, etc, and you can include those if you wish in the custom form, if you really need them. However, since they are removed from the profile itself, modules won't be able to integrate with that info.
Good luck,
--Julian