SlimBrowser is based on IE. It use the same privacy settings as IE in the kernel level. If you change any settings in the privacy/security tab in Internet Options dialog, the change will be directly effective in SlimBrowser. As a wrapper on top of IE, SlimBrowser doesn't collect any privacy information (name, usage statistics, email, host IP, etc) from the user's computer without EXPLICIT consent from the user.

What may be of concern to some users:

SlimBrowser automatically connects to www.flashpeak.com to check for newer versions at startup. It has nothing to do with spyware. You can disable auto-update in the options dialog if you don't like it.