I'm honestly not entirely sure anymore. I did drop a ping though to see if MM or one of the longer standing admins that's familiar can get you an answer.
Thanks for asking, and thanks for the flag somebody
Making your account invisible is a lot like deleting your account: All your pictures and friends and inbox messages will be removed from your profile, but things outside of that like forum posts and comments and blogs and reviews will remain intact.
Invisible accounts are meant to provide a useful sort of lurk mode, so your notifications and everything you follow will remain intact, even though any follows anyone has to you or your stuff will be deleted.
Maybe I should explain this a little more clearly on the preferences form