I have a small multisite test instance at http://apextest.breitenbucher.net and when I tried to force the Privacy settings to the two blogs in the network I got:
Warning: Missing argument 2 for wpdb::prepare(), called in /path/apextest.breitenbucher.net/wp-content/plugins/sitewide-privacy-options-1/sitewide-privacy-options.php on line 94 and defined in /path/apextest.breitenbucher.net/wp-includes/wp-db.php on line 990
This only displays when trying to view http://apextest.breitenbucher.net/wp-admin/network/plugins.php or http://apextest.breitenbucher.net/wp-admin/network/ and renders the Network admin area unusable. I changed the name of the plugin folder via FTP to force it to be disabled and the Network admin became useable. I then tried to reactivate the plugin (still have the folder renamed) and got the same error message. This is a fresh 3.5 RC3 with only other WPMUDEV plugin active.