Quick pointer:
The Department of Commerce Internet Policy Task Force has released its report, Commercial Data Privacy and Innovation in the Internet Economy: A Dynamic Policy Framework.
I haven’t had time to read it yet, but you can read it at http://www.ntia.doc.gov/reports/2010/IPTF_Privacy_GreenPaper_12162010.pdf
Update 1: ย Hunton & Williams offer a summary of the paper.