It would probably not help or change anything for the average person, but I would love a Creative Commons style initiative for privacy policies. It should provide a quick overview and indicate what data is collected and how it is kept. I imagine that there must be some sort of similarities from one policy to the other to the kinds of data that are being collected and to the ways it’s being stored. Enough such that you could make a privacy policy out of those sort of easily indicated modular/progressive parts that Creative Commons provides for copyright licenses.