A lot of people would probably dislike the idea of being recorded (which I think ought to be respected), though I suspect folks would get used to it. People already save emotional e-mails and logs of very private instant message conversations without others objecting, though obviously those have more deniability value. It's much easier to write an e-mail and claim somebody else wrote it, than it is to forge an audiovisual recording of them saying something.

In general, my attitude towards people saving logs or e-mails is that if I trust them enough to tell them whatever it is that I'm telling them, then I also trust them not to make the recordings public in a way I'd disapprove of. My attitude towards somebody lifelogging me would likely be similar.