Privacy and android; how comfortable are you and where do you draw the line?

Time and again people have pointed that one of the main reasons people don't consider the android platform is because of Google's business model. I assume we all know that Google's money comes from us/our data and Google is pretty open about it. For a lot of people this is a deal breaker and they, rightfully, don't opt for android and other Google services.

But for the rest of you, the people who use Google's service everyday, my question is: Where do you draw the line? If at all you draw a line. Do you, at any point, get uncomfortable with the amount of data Google has?

Personally, I use Google's services, from Gmail, calendar, docs, analytics to the 'creepy' Google Now, without much concern. I don't mind Google making money out of my data in exchange of some really great services as long as my information is not being sold to shady businesses. Also, I think it is better to have relevant ads than some random ones popping up. In short: I trust my data with Google.

What is your take on Android (and Google as a whole) in respect to privacy? How do you manage?

A bonus question: What are the possible negatives of sharing so much data with Google?