Under BitShares 2 you are completely protected from 3rd parties, but have slightly less protection from those you do business with.
...because they can prove a link between sender and receipient, therefore can leak the information, which is a fairly large hole. That's where ring signatures come into play.
I would rather have full privacy, than a halfway house - the bond market would be a better goal than a half way house, IMO.
Is it really half-housed or just being practical? I'm not sure. But I think we should be thinking about what will happen 3 months out from now when Bitcoin has serious transaction problems. When that day happens, people will be looking at altcoins, especially those that will protect your privacy. Look at the chart that Mike Hearn posted today. Are we ready to capture this moment?
http://imgur.com/Uo3vFvC