Yeah, except you can't have two devices activated at once. Which means they store all this info on their server until you activate your new device, possibly excluding wifi.
So moto will have access to all your media, contacts, etc. I'd love to read that privacy statement.
Edit: TiBu 4life
Who says it needs to be activated first? It can wifi transfer the stuff over and stay in a non active state until you activate it.
But I agree, TiBu is the way to go usually.