First, the biggest weakness of Whois Privacy is that, as another pointed out, most will register the domain under the registrants real name first and then put the privacy on - so there's a window of time in which the real info could be visiable to others.
In addition, if one doesn't renew the whois privacy and/or there's a glitch one's real info will likely come up anyways; many registrars will provide such info upon request under various circumstances with often little to no verification of the request.
However with all that said, Whois Privacy is good for preventing spammers and whois scanners like DomainTools from datamining one's personal info.
Ron
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Domagon - Website Management and Domain Name Sales
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