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Forgot to mention that the other side of the coin is whether a profile of information can be linked to a living person. In the residential case, this is easy enough to argue, there is one user ID per individual. So long as there is some method of linking the ID to an account, e.g. network monitor within the ISP to link ID to account, or ID leaking as described by Richard Clayton, then the profile can if necessary be linked back to an individual. For a business this is harder to prove, however I can see an example where the person has a very strange name, and the profiler stores this name along with the other keywords from an email. It may, and this is a contentious point, be possible to link back. I think another way of looking at it would be to ask the ISP or software vendor (Phorm) to prove that it will NOT, under any circumstances, be possible to do this. And by prove I don't mean say: we've looked at this and it won't happen.
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With me my name is Florence there is a town of Florence so my name repeated on a page would be profiled then I would be fed adverts about holidays in Florence.
Also people could then link me to this by my name also my mothers name is Florence..
The whole thing about Phorm on the network has too many Iffs and Buts to be safe...