Nathan over at InsideGoogle mentions a post by Devin Reams who points to a portion of the Google Firefox Send to Phone FAQ: FAQ that says, "we [Google] might also log the text of the message you send, in order to investigate and correct technical problems with the service."
The wording in the privacy section of Google Toolbar 4 documentation reads,
If you send text through SMS using Send To feature of the Google Toolbar, Google logs the number and carrier the message is sent to, and in some cases may record the text sent for debugging purposes.
Optimising Digital Marketing Campaigns with Search, Social and Analytics
At SES London (9-11 Feb) you'll get an overview of the latest tools, tips, and tactics in Paid, Owned, Earned, Integrated Media and Business Intelligence to streamline your marketing campaigns in 2015. Register by 31 October to take advantage of Early Bird Rates.