Between public interest and privacy, public interest wins, especially when it is shown that powerful entities are mingling behind closed doors into matters of public interest.
Is it in the public interest to release ALL of the emails though? If they published just those which show "powerful entities mingling behind closed doors" fair enough. That would be a legitimate expose.
If they didn't release everything there'd be no basis to trust them. We wouldn't be able to determine what was being withheld and how it was being sculpted.
Trusting the Guardian is different than trusting Snowden. He understood that if he tried to cherry pick too much it would undermine his cause by making it about a program instead of about the bigger picture. I don't think the Guardian equates to Wikileaks, in any case.
I don't believe the Guardian equates to WikiLeaks either, but the difference between the two seems to be somewhere else than just releasing everything vs. selective publishing.