This sounds incredibly hard to achieve with email contents - nothing identifiable at all? Does it do things like strip names out of email bodies? It says they learn contacts under priority stuff (which seems sensible) - so they do that locally?
Looking at their other features - what are they sending messages to the cloud for?
[0] http://yro.slashdot.org/story/06/09/25/2150209/AOL-Subscribe...