Your sarcasm is warranted, in my opinion. I trust this on my phone about as much as I .. well .. trust .. my Android-controlled .. Googleplex'ing .. info-companion reporting agent ..
Point is: yeah, your phone is spying on you. Of course "Microsoft Israel" wants you to automatically data-enter your daily activities into their massive connected network.
I can't wait to see the Stuxnet/Flame/Duqu plug-in that ties into this incredibly useful app!