Dan Rosenberg dug a little deeper into the data that Carrier IQ collects and one of the things that he found was:

CarrierIQ cannot record SMS text bodies, web page contents, or email content even if carriers and handset manufacturers wished to abuse it to do so. There is simply no metric that contains this information.

He only looked at one phone on one network, but the results of this seem “less bad” than previously hyped. What’s unknown is how much the results vary from phone to phone and carrier to carrier.