You can selectively deny permissible requests after the app is installed, but what irritates me is that granting access to my location allows the app to continually track me while it's running in the background (even if you never open the app). I've heard this will change in a future version of Android.

I discovered this when I was scrolling through the DTEK app on my BlackBerry, which shows every time an app requests sensitive data access, and saw that a bunch of apps that I hadn't opened in a while (like GasBuddy) were accessing my location every 5 minutes.