If you are looking to sell then privacy protection isn't going to help.
If you are looking to develop, it won't help there either. You won't get a huge penalty from google, but the current thinking is ... A site with a contact page (with names, addresses and phone number), privacy policy, and disclaimer along with no privacy protection looks more legit. If I am wrong there, please let me know.
If you are a legit domainer or developer, there should be no reason to hide that info. Sure you will get some spam but that is no big deal.