Depends on which way you look at things really.
If it foils a terrorist attack or identifies nonces then it's a winner.
Personally I couldn't care less if the Government knows my whereabouts because I'm really sure that they are not going to be interested that I popped into Tesco today and bought some groceries or that I watched the motogp on BBC iplayer.
On the other hand I do care if they lose information about me and that is a bigger concern.
In the end it's just a neighbourhood watch scheme on a bigger scale.