I have not seen any actual analysis of the sent data. I would prefer it didn't send anything but until proven otherwise I will assume it is just app diagnostics.
Remember they are in the business of selling operating systems. EU would happily shut them down if they are caught doing any shenanigans.
> Thankfully the only Windows I currently run is XP in a VM isolated from the Internet
I suspect whatever OS you are using as host also talks to the mothership, it just doesn't say it in a privacy page.