Cambridge University Wants Your Usage Data for Research

"To participate in the research, all that you have to do is install Device Analyzer on your phone. The application collects usage statistics in the background while you use your phone. Personal identifiable data is stripped from the data that is collected and the data is periodically uploaded to the server at Cambridge University in the UK."

Over 1000 people have already downloaded and installed Device Analyzer on their Android device.  What do you think about this?  I actually think it's a cool idea and I'd love to see what can be learned by the data they collect.  I would think it would be used, among other things, to improve the Android operating system by optimizing it for common usage scenarios.  These days it seems to me that so many people are paranoid about their privacy.  On one hand, we need to be wise and take some precautions to safeguard our personal data but on the other hand sometimes I wonder what people have to hide.  Some of the things they plan to use the data they collect for are recommending phone plans and apps based on your current usage.  They will also give you access to download and view your data at any time.  You can even delete your data if you decide you're not comfortable with the program anymore.  I'd love to heard what you think about this research project?  Is it something you would take part in?  Is this just asking for trouble, from a privacy standpoint, if you download and install this app?  Have any of you tried it?