Should the States Protect Privacy?

The Constitution does not enumerate a right of privacy, but does it suggest it? The "Right to Privacy" is fundamental in several legal traditions, yet time and time again it is weighed against other impending issues.

Is privacy a fundamental right that the state should protect, no matter the cost? Or is it something that is valuable, insofar as there is not something else on the line-- namely national security or justice. Or is it the case that the innocent should have nothing to hide?

What effect does privacy have on our pursuit of truth? What changes, if any, should we consider making in our national policies to improve criminal proceedings? Is National Security enough of a justification for an encroachment of privacy? Should the same deference be paid to all when considering privacy issues? Can the state protect privacy or are they the ones we need privacy from?