Google should have started with allowing app permissions to be adjusted. In fact, there are permissions that shouldn't even be allowed. I'm pretty sure that are plenty of apps in the Google's market that do not need access to my contacts, text messages, etc. to function. Leaves too many doors open for individuals to keep track of what I'm doing.
it would be easier if google simply added this functionality. I do this already using apps on my rooted Nexus 4, but i don't always get the desired result, as i have like 4 applications that all can fine tune permissions, and none of them are the easiest to understand...
The apps developers need to state clearly why certain permissions are needed. People tend to freak out about an app needing to read the phone's state, for instance, but they forget that such a thing is required if you want to be able to receive a phone call while using that app, and the app needs to be able to suspend it's activity and give priority to that phone apk. Same goes for a lot of other apps, for messaging, emails and other notifications, etc. If such things were better explained by the app developer, a lot of confusion could be avoided.
Give power to the user - if such thing crashes the phone well you can certainly consider using the app at all. Of course some ugly things can happen - the app developers can make some check if all the permissions are there and if not the app to refuse to work. But thats life - you give and you take.