Has anyone here actually read the EULA? You probably agreed to allow Google to push an app like this at your device whenever they felt the need. In this case, many of you believe the need was legitimate. In the future when this operation is performed again, you may not.
Should Google have at least warned people that it was about to ah, "clean their clocks" so to speak before they did so rather than after. I think that would have been nice, but it also might have warned the guys that installed the dirty apps.
If you have a company phone, go back and read the agreement -- your company probably has the right to remove all data from your phone remotely whenever they think it's necessary.