Some of the discussion about Facebook Home since its debut yesterday has related to concerns that it gives the social network too much access to user's information, and now Facebook has responded. Its blog post specifies that Home is subject to the same controls as everything else in a user's Facebook account. It states that Facebook will not track user's location any differently than the existing app, and while it could see what apps are launched, it can't observe what actions are taken within them beyond the already existing Facebook API hooks. As far as information that is collected, it will have a list of apps that are in the Home launcher, and tracks data including which apps are responsible for notification, which is kept identifiable for up to 90 days.
Source: Facebook Blog