SPYNET=Microsoft.
I don't know how the final branding will go, but that's an underlying reality, I believe.
The EULA does refer to whether PII is transmitted, and I believe mentions that it is optional and clearly labelled. The only PII involved, as far as I can see, is when you go to Tools, suspected spyware report. You have the option of providing a name and email address, which qualify as PII.
The EULA is in the help file. I see this section:
5. FEEDBACK. If you give feedback about the software to Microsoft, you grant to Microsoft, without charge, the right to use, share and commercialize your feedback in any way and for any purpose. You also grant to third parties, without charge, any patent rights necessary for their products, technologies and services to use or interface with any specific parts of a Microsoft software and service that incorporate the feedback. You will not give feedback that is subject to a license that requires Microsoft to license its software or documentation to third parties because we include your feedback in them. These rights survive the termination of this agreement.
and:
7. CONSENT FOR INTERNET-BASED SERVICES. When you install the software, you may choose to obtain updated Potentially Unwanted Software definitions automatically when you connect to the Internet. The software uses the updated definitions to detect new Potentially Unwanted Software. We do not obtain any information that we will use to identify or contact you without your consent through this feature. By installing and using this software, you consent to this feature, unless you choose to not use it or switch it off.
which seem relevant to your concerns.
All in all, I thought the EULA was significantly improved in terms of clarity from others that I have read.