i highly doubt it... but this was said by Microsoft lead hardware program manager when interviewed by polygon.
"You know, it's always available to the system, so ... you can count, as an application developer or a game developer, [that] everyone's going to have a Kinect. You always have that stream available… [Kinect will] "be just listening enough to know that, 'Hey, I heard something interesting. Somebody's probably trying to wake me up.' It sends it to the console for confirmation, and then it can really power up to that high-power state."
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take it how you want. it has a camera and a mic, and is always listening. i really dont like that because i dont want that mandatory set up in my house, corporations never do things for the better of man kind. with that said im not worried about it. you can always un plug it when your not using the xbox i guess.
as to someone always spying, highly doubt someone is going to sit behind a computer watching you play your game for 8 hours a day. maybe the system will automatically take key phrases of hearing what you say and add it to a search data base in the cloud for research and development or sell consumer data to 3rd parties but i cant see it going further than that.