Not even remotely granular. Install XPrivacy[1] (which is still not granular enough for me, as it lacks filtering over function arguments) and see that categories are very broad.
Argument-level filtering would be awesome, but I don't know, the existing app+function level filtering seems to be working fine for me so far. The only real complaint I have with xprivacy now is the atrocious UI, and I'd really like some way for it to automatically fetch filters from somewhere so I don't have to bother with the permissions every time an app updates.
[1]: https://github.com/M66B/XPrivacy#xprivacy