Net-net, the enabling of 33cm resolution images vs 50cm resolution is probably a good thing. Mapping and observation has a lot of valuable applications, and it's not like they can turn around and do a CSI-style "digital enhancement" to see what that book is you're reading. And it's not like US (et al?) spy satellites can't drill down a lot deeper.
That said, the incremental increase (as a side benefit of more private company access, more frequency, and more uses being found) in overhead observation will have some privacy ramifications — ones we will probably just have to live with, but ones we should consider and be aware of.
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