Yes it would. But you don't need to track people and use mass data to personalize adds to do that. It is totally possible to just have a lot of cameras and look at the recordings when a crime is reported and delete the video after half a year or something.

If one trust the government to have a monopoly on machine guns and tanks, video cameras is my least concern if they turn evil.

Public video surveillance without audio is not that bad compared to wire taping, risk profiling etc.

The nightmare would be Google, MasterCard, Amazon or what ever running those cameras.