You do not need to have anything to hide to insist on your privacy.
It is way overkill and just to outline a few data collected unless you do something about it yourself:
Each and every program start and installation you do on your computer (ShutUp 10 does not stop this behavior).
Your Windows password (Windows store) / Your Wi-Fi password (WiFi Sense)
I do not need to go any further, the above alone is enough to get classified as spyware.
Then they went and back-ported most of the technology to Windows 7 and Windows 8.1, meaning you will have to manually remove Microsoft spyware on these platforms as well.
Then they tell me that corporate hacking is for the better for customers and that they spy on you to provide better services?
I have to say I am sceptical as to the method of choice which remove user sovereignty on their own computer, even before going into the legal 'grey zone' where you operate.
They inform you that they are collecting data, but it does not make it a less malicious activity when enabled by default.
According to privacy the company should ask the user for permission, but the way it is today, Microsoft chose to overrule customers and leave them with the tedious task to regain control and get back in the driver seat on their own PC.
In this task, you will not get help from Microsoft, thus confirming the behavior to be malicious, and you will for the most have to rely on third-party forums such as this.
It is my right as an individual to decide what information I would like to share with them and hence it can not legally be Microsoft's decision.
That brings me to the closing part... The EULA... A real 'catch22' (aka damned if you do, damned if you don't).
You will have to accept that before being allowed to install, but before you install, you simply can not accept the EULA because you can not know what you are answering.
Another thing is that they are written in a language which only serves the purpose of confusing most readers.
Practically what it is all about is to deny responsibility for anything that may happen during the installation/use even if Microsoft is aware of it and even if they are the sole reason for your trouble.
On the other side, you as the user bear any and all responsibility towards Microsoft who can invalidate your license as they see fit, hold you accountant for any of your actions and so forth.
In other words, a one way scam also called a company disclaimer.
Now, how about all of us customers agreeing on a common CLA (corporate license agreement) where we turn the table around and force Microsoft to sign it before being able to sell their product?