Data being stored someplace other than your machine is the reason why people use webmail.
The text of the emails, and whether they are read and replied to.
As such it seems like strictly less information than you are requesting that they store.
It'd be interesting to what degree using GMail over IMAP v.s. over the GMail web interface affects the heuristics of this new feature.
It will probably be used against someone who actually has bona fide interest in child pornography. Probably.
After all, cache contents and network logs are used to help convict people all of the time. Most of them are factually guilty, but the legal system probably does not see eye to eye with technically inclined members of this audience as to whether cache contents mean that someone intended or attempted to view the cached content.