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Mozilla is already revising its new Firefox terms to clarify how it handles user data
(www.theverge.com)
This is a most excellent place for technology news and articles.
I think it'd be less creepy if there was an easily accessible public dashboard displaying this telemetry. E.g. like counters showing how many people hide the bookmark bar. If you can instantly see what data your browser is sending in an easily digestible format (ie not a dump of JSON in a submenu), it's easier to gain a quick understanding of the benefits vs minimal privacy tradeoffs.
But it really depends on trust: trust that they're not collecting more than they claim, and trust that the data is properly anonymized. Mozilla has lost that trust.