There was a bit of noise yesterday about a popular mobile social networking app, Path, taking the address books of users wholesale, and storing them on their servers. Despite being transferred over SSL, and the data only being used to notifications when friends signed up, Path has apologized profusely and wiped any personal address book information from their servers. A patch to their iPhone app now provides a prompt if you're interested in receiving notifications when friends sign up.
It's good to see Path is being clear, prompt, proactive, and apologetic about the whole thing, but the whole situation still serves as a reminder that many of these mobile apps have access to a lot of personal information, and if you're uncomfortable with that situation, it's probably best not to go crazy signing up for every trendy new service to come along.
Personally, I've already surrendered to the fact that Google has an obscene amount of insight to my life, and if a few smaller software companies do too, fine. The worst they can do is deliver ads that are more relevant to my interests, and that doesn't sound like such a bad thing.