Don't rush to sign up until you've thought it through.
There are many security issues involved here and it's been the talk on security sites for months now.
Here is The Register's take on events
http://www.theregister.co.uk/2004/04..._evil_privacy/
but you will find similar articles all around.
As for reading all emails well AoL does just that ; electronically of course and then there's Echelon.nuff said