The solution which will likely emerge is one of local profiling, both for native applications and at the web platform level. Advertisers and agencies will not gather user profile information, even in aggregate. Instead the profile will be something managed (or reset, or disabled) on-device/in-browser, and used to drive ad selection locally.
For example, the App Store interface might give you a set of recommendations for apps when launched, perhaps based on location information. This can be driven by downloads in your area, as well as purchased advertisements. But there's no reason that exact location needs to be shared at all - a set of coarser regional files containing the needed data can be grabbed, and the decision of what to display can be made locally.
That sounds nice indeed, but it would be a lot nicer if we got a statement to that effect from Apple Computer instead of dwaite on HN.
It remains an open question whether Apple itself is subject to those rules, though. If a user, via a third party app, takes an action Apple can identify, is Apple allowed to use that information to sell you ads? As of right now, it seems that they're leaning to "yes".
They haven't crossed any rivers yet, but the signs are there and we should all be worried.