This is very much about your opinion.
I personally am very unwilling to give up elements of privacy in the name of safety. I believe that we as citizens have many areas of our lives where we have a presumption of privacy that is not neccessarily true. I want cause, and I want multiple people to assess the need to collect the infomation before the government collect what would naturally seem to be private information. I do not any one person or group to have access, I want oversight and checks and balances.
As far as storage, I think if we are wise and reasonable and respectful in collection, then storage is less of an issue. If their has been all attempts at maintaining privacy for citizens and information has been collected as a result of careful consideration and good oversight then keeping it is not an issue for me.