Whew! Microsoft relented. You don't have to connect it the internet to play your games. You don't have to have the Kinect connected. But if you do:
http://consumerist.com/2013/07/08/the-xbox-one-will-use-kinect-to-provide-targeted-advertising/
Once you connect to Xbox Live, you agree to let them do so as well:
http://www.xbox.com/en-US/legal/livetou