Sounds you can opt out of receiving targeted ads, but not out of the data-collecting itself:
"We have a long-standing commitment to your privacy and will not target ads to you based on any data Kinect collects unless you choose to allow us to do so."
http://www.eurogamer.net/articles/2013-10-07-microsoft-moves-to-calm-fear-over-xbox-one-advertising
"We have a long-standing commitment to your privacy"
Of course you do, Microsoft, of course you do. http://www.theguardian.com/world/2013/jul/11/microsoft-nsa-collaboration-user-data
UPDATE:
This is now being reported by NBC News and others, as it should be:
http://www.nbcnews.com/technology/xbox-one-kerfuffle-kicks-more-concerns-over-ads-privacy-8C11358946?utm_content=buffer6dccd&utm_source=buffer&utm_medium=twitter&utm_campaign=Buffer
If you are really not alarmed by the data-mining potential of this, then you are being ignorant on purpose.
MS can see what you and others play, watch, listen to in your living room, what your habits are, what brands you prefer, how you react to advertisements and other media (by measuring your heartbeat/attention). It's total observation.
This is a marketing dream come true, and best of all, people actually PAY to subject themselves to it instead of being paid like during regular market research.
"Well certainly with the Xbox 360, we had some challenges at the launch. Once we identified that we took control of it. We wanted to do it right by our customers. Our customers are very important to us." -Larry "Major Nelson" Hryb (10/2013). Note: RRoD was fixed with the Jasper-revision 3 years after the launch of 360
"People don't pay attention to a lot of the details."-Yusuf Mehdi explaining why Xbone DRM scheme would succeed
"Fortunately we have a product for people who aren't able to get some form of connectivity; it's called Xbox 360,”-Don Mattrick
"The region locking of the 3DS wasn't done for profits on games"-MDMAlliance
