Assuming a non-oppressive government I'm all for using this type of technology to stop crime. It is a very powerful tool that will really level the playing field. Many crimes are from repeat offenders and this will just help catch them quicker and more accurately. I suspect crime rates will drop dramatically as a result of these types of technologies.

As for privacy we already give more away just to have free online services. Think how much is tracked by Google through their searches, gmail, etc. by Facebook to use their free service. Apple, Microsoft, etc are all known to track all kinds of data on you. It's not like this isn't already happening.

They key is to make sure it's not abused, and I think for the most part in first world countries this won't be a big issue. That and the benefits will far outweigh the costs.

We just have to prevent it from escalating like in the South Park drone episode ;)