Privacy is better.
I might disagree if it were likely to stop at a reasonable point, but it won't. Privacy will continue to be dismantled by the government in the name of security until Big Brother actually is watching everyone.
That's just how government works; it uses its power to get more power. Power attracts those less deserving of it, people who will not stop at rational or even beneficial limits, and so the cream sinks to the bottom and the sour milk rises to the top.