Also, its worth noting here that if what is described as possible here is a security hole, then every operating system ever made is insecure. You can run a keystroke logger on your mac or any other operating system that would access everything you type, including passwords. You could also install a screen capture utility that records and automatically uploads what you do. Just because you can run a program that gets your personal data doesn't mean that the platform is inherently insecure. Now I understand that it may be stupid to allow apps access to information, but there may be a good reason here. Its possible that applications might need to access contacts, bookmarks, etc. and without knowing more about this particular situation, I can see why these types of things might be possible.
As things currently stand, some level of common sense is required by the end user. With the walled garden approach Apple has taken and with the coming Cloud operating systems, security will be force-fed to the end-user. And though this isn't perfect, its pretty damn good from a security standpoint.