Unfortunately, we won't be seeing it baked into CyanogenMod. CyanogenMod used to have a feature to disable specific permissions back in the CM7 days. As I understand it, Google insinuated that CyanogenMod would likely be banned from the Android Market if that feature continued; it wasn't ported to CM9. That's why I imagine this new incognito feature isn't configurable and can only be turned fully on or fully off.
Still, this is a step in the right direction. There's a lot of room to stand up to Google about data privacy right now, and I'm glad to see a big player doing it.