I hate to be negative, but it's extremely unfortunate that this script truncates the log, breaking the log backup chain, and that isn't explained anywhere in the script or the comments. Even if it was explained, this resets all your disaster recovery options afterwards to starting with the full backup it advises you to take at the end. Previous backups cannot be used to recover past the log truncation.

Be extremely wary about using this script in production. There's a reason we (as I was on the SQL team at the time) removed the TRUNCATE_ONLY/NO_LOG options to BACKUP LOG in SQL Server 2008.

[Edit: there's now a comment added at the bottom of the intro about understanding the implications - it wasn't there earlier today when I wrote this comment.]

Thanks