I love webcams. As far as I'm concerned I'd like to see them on every street corner. No, I don't have worries about the loss of privacy--maybe it'll help our security.
Check out this link to the Michigan Avenue webcam. When I'm out of town I always look it up to see what the weather is. As a Chicago-area native I must admit I love Michigan Avenue--even though I certainly can't afford to do much shopping there. It's fun to stroll through the shops and just lap up the Chicago atmosphere. Everyone born in Chicago (as I was) loves the city. And yes, I think it's always improving--probably due to the heavy-handed leadership of Mayor Daley.