The data of the call isn't important. That's the point. What you say matters less than what you do. And you do a lot more than you say.
To put it another way, Google doesn't know that I am interested in a new iPod because the I used Gmail to tell my friends, "I'm interested in a new iPod." They know it because I have been browsing pages offering iPods for sale. And that says a lot more about when I plan to purchase one than the statement sent via Gmail.
I didn't tell Kroger, "Hey, I've got a dog." I bought dogfood - and now that Witty is dead, they can tell from the change in my purchase habits that my big dog died - they don't print me coupons for Alpo anymore when I check out.
The content of the call indeed contains information beyond the meta-data about the call. But it's not just meta-data about voice calls that's being collected, it's meta-data about all modes of mobile and static communications - and geolocations when calls are not being made.