The permissions list on the play store was completely useless from a privacy standpoint. Even power users could to just about nothing with the info.
The situation now where you approve or reject permissions as they are used in the app is vastly better than the original android model of being shown a wall of text with the options to either give away all of your data and security or not install the app.
The situation now where you approve or reject permissions as they are used in the app is vastly better than the original android model of being shown a wall of text with the options to either give away all of your data and security or not install the app.