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CyanogenMod implements it. It looks like Google actually implemented it themselves too but never shipped it.

https://play.google.com/store/apps/details?id=biz.bokhorst.x...

I know that at least Cyanogen exposes something similar inside settings > privacy. I believe it comes from the hidden app permission manager built into Android.

Further reading: http://www.androidpolice.com/2013/07/25/app-ops-android-4-3s...

XPrivacy?

https://github.com/M66B/XPrivacy

I'm devastated that it doesn't (and apparently, never will) work with Lollipop.