As an Android app developer, I'd totally support this as part of the native platform. While I haven't gotten an e-mail from a paranoid user asking why Fresh Comics needs their location data, I've gone ahead and done a small writeup on why my app needs the location permission, why I need that data, and what I do with it afterwards:

http://freshcomics.us/support/privacy-location-information/

In my role as a developer, I'd support a way that I could specify these details in a more standard & concise way and allow the user to enable & disable permissions as needed without having to make an all-or-nothing decision whether to install the app.

As a user, I'd appreciate it even more. :-)