Carrier IQ as a platform is designed to collect "metrics" at any scale. What I found it to hook into is far beyond the scope of anything a carrier needs - or should want - to be collecting.
Carrier IQ sits in the middle of, and "checks" the data of, SMS and MMS messages. It listens for and receives every battery change notifications. It hooks into every web page you view, and every XML file your device reads. It receives every press of the touch screen.
It 'sees' what you type on the physical keyboard. It reads every number you press in the dialer. It can track which applications you use, what 'type' they are, how often, and for how long. It hooks into data sent and received.
I'm not calling Norelli nix anymore I can tell you that ;)