I think this would only work if everyone also had perfectly equal power to abuse the resulting information flood. In the U.S., it's common knowledge (or at the very least, common belief) that the majority of politicians are corrupt and routinely do things that would land the rest of us in prison. Despite that knowledge, we generally have no power to do anything meaningful about it because they make the rules.

I don't want a world where every move I make is being watched and I'm subject to arbitrary action by people who have power. I think total surveillance, even if it includes the powerful few, would be a disaster for human rights and freedom in general. So what if the dictator is impeccable in his daily routine, if he's watching every move of a population and subjecting them to unequal treatment under the law?