If the individuals that make up companies and governments can no longer hide their secrets, it becomes a defacto reality that those agencies will no longer be able to hide their secrets in individuals. There's a whole sci-fi AI theme here, but I'm sure an object made of data will have worse security than a human that can voluntarily withdraw all its data into its head.
Humans have unlimited privacy, so long as they keep it inside their head. My peers today that blurt every cogitation out on Facebook and Twitter have no ability to comprehend the use of privacy until they feel they desperately need it. How is a government or corporation going to maintain its privacy when it employs people who can barely keep a thought to themselves?
There's two parts to transparency - a feasible way to get information, and the resources/motivation to do so.
This could all very easily play out in a way that individuals have no expectation of privacy in the face of corporate/government scans of all available data, but the reverse doesn't hold, unless people like wikileaks step up to the plate.
The people can't let the state have all this power, since it's an absurd power advantage which people are rightly afraid leads to an Orwellian society. They will protest with things like the Pirate Party.
There is another way of undermining this information advantage, however, which is to disclose information instead of trying to hide it from certain entities. If you tell everyone what you do, you can't be blackmailed, for instance. In my view, things like Facebook and Twitter are symptoms of this. When my mom goes on about why people broadcast what they had for breakfast, I usually tell her that they are subverting the power.
Zuckerberg, Schmidt and Assange have understood this and are acting and speaking accordingly.
The only other way forward, in my view, is ubiquitous end-to-end encryption between individuals. I'm not so sure that would be a good thing, and I don't see how it could work if the current trend of communication and transactions being concentrated in fewer and fewer hubs will continue, since that means someone has access to at least timestamp and communicating parties.
If we can reverse that and decentralize, encryption between "power symmetric" parties might work. But then, it might not be necessary.
See: http://www.schneier.com/blog/archives/2008/03/privacy_and_po...
Not sure what I think about that trend overall, but if the future is going to be one of "involuntary transparency", it does seem like it should apply to corporations and governments too, not just individuals.