This goes back to the old addage of trust and corporate policies. Management strives to manage people through "technology" rather than "people managing people". And no matter what pieces of sharepoint you technically "disable", there are still so many other methods for the user to accomplish the same thing which nullifies the "control" goal.
Public mysite is invaluable to organizations wishing to fully collaborate and aggregate information. Our users put their skills in their profile which enables other users to use portal serach to find people with certain skills or knowledge areas. We also store manager reports, phone extensions, shipping addresses, and other valuable information here as well.
The great thing about sharepoint is that it creates a "social-like" community that promotes users to share ideas and to locate information "more quickly". Without portal technology like this, this would be near impossible to accomplish. Of course you will have a few "bad egg" users who will push the limit, but it is no different than any other technology in this respect. As Spock said best, "the needs of the many outweigh the needs of the few"
My new buzzphrase is that "People are the key to business value".. I believe this in everything I do. Empowering your users to "take part" in your portal via the MySite and personal page makes them feel important and helps drive adoption. Adoption, is the key to sharepoint success. If people do not use it, then it will fail and provide no value.
This is kind of similar to years back when "Internet access" was beginning to be made available to all users via their company. Of course you will have the good surfers and the bad surfers. But which provides more value to the business? Allowing people to search freely to find information on the Internet? or manually picking 10-12 sites that all employees are "allowed" to go to and thats it!
It boils down to the information security polices in your organization and management philosophies. Gone are the days of locking your users in a shell and dictating their every move.. how will people grow and participate if this is always the case?