Update, November 7th @ 5:25pm EST:

First, NVIDIA gave Ryan their official statement, which I included below verbatem.

GeForce Experience collects data to improve the application experience; this includes crash and bug reports as well as system information needed to deliver the correct drivers and optimal settings. NVIDIA does not share any personally identifiable information collected by GeForce Experience outside the company. NVIDIA may share aggregate-level data with select partners, but does not share user-level data. The nature of the information collected has remained consistent since the introduction of GeForce Experience 1.0.The change with GeForce Experience 3.0 is that this error reporting and data collection is now being done in real-time.

They also pointed to their GeForce Experience FAQ.

It sounds like there's a general consensus, both from NVIDIA and even their harshest critics, that telemetry only affects GeForce Experience, and not their base driver. I still believe that there should be a more granular opt-out that still allows access to GeForce Experience, like web browsers and Visual Studio prompt with a checkbox during install. Still, if this concerns you, and, like Windows 10, it might not and that's okay, you can remove GeForce Experience.

Also, GamersNexus yet again did a very technical breakdown of the situation. I think they made an error, though, since they claimed to have recorded traffic "for about an hour", which may not have included the once-per-day reporting time from Windows Task Scheduler. (My image below suggests, at least for my system, monitor once per hour but report at 12:25pm and user login.) I reached out to them on Twitter for clarification, but it looks like they may have just captured GeForce Experience's typical traffic.

Update, November 7th @ 7:15pm EST: Heard back from GamersNexus. They did check at the Windows Task Scheduler time as well, and they claim that they didn't see anything unusual. They aren't finished with their research, though.

Original news, posted November 6th @ 4:25pm EST, below.

Over the last day, users have found NVIDIA Telemetry Monitor added to Windows Task Scheduler. We currently don't know what it is or exactly when it was added, but we do know its schedule. When the user logs in, it runs an application that monitors… something… once every hour while the computer is active. Then, once per day (at just after noon on my PC) and once on login, it runs an application that reports that data, which I assume means sends it to NVIDIA.

Before we begin, NVIDIA (or anyone) should absolutely not be collecting data from personal devices without clearly explaining the bounds and giving a clear option to disable it. Lots of applications, from browsers to software development tools, include crash and error reporting, but they usually and rightfully ask you to opt-in. Microsoft is receiving a lot of crap for this practice in Windows 10, even with their “Basic” option, and, while most of those points are nonsense, there is ground for some concern.

I've asked NVIDIA if they have a statement regarding what it is, what it collects, and what their policy will be for opt-in and opt-out. I haven't received a response yet, because I sent it less than an hour ago on a weekend, but we'll keep you updated.