Facebook has responded about privacy issues, that Home is subject to the same controls as everything else in a user’s Facebook account. It states that Facebook will not track user’s location any differently than the existing app, and while it could see what apps are launched, it can’t observe what actions are taken within them beyond the already existing Facebook API hooks. As far as information that is collected, it will have a list of apps that are in the Home launcher, and tracks data including which apps are responsible for notification, which is kept identifiable for up to 90 days.

For some people, privacy won’t be an issue, but I do worry myself that this might be a step too far.