The headline neglects to mention that the system is opt in and per-incident, which I think is a critical detail. It's not like police have 24/7 involuntary access to everyone's video.
Depends on what your problem with this arrangement is. IF you're worried about the use of your feed against your will, then yea this isn't a problem (you know, unless the police get a warrant and demand Nest turn it over to you) If your issue is that your neighbors are now helping expand the surveillance state by self-installing cameras to allow the police visibility of your home, then it's still a problem. Technical…
Even worse, as people normalize the use of a surveillance technology (a technology in general, NOT a specific product), eventually it will pass the "in general public use" test created by Kyllo v United States. When that happens, using that technology is no longer a search and thus the police no longer need a warrant to use it. The people normalizing surveillance tech are eroding our future 4th Amendment protection.
(see my previous post[1] about this for references)