Through a series of ACM SIGCHI workshops, we have built a research community of individuals dedicated to networked privacy - from identifying the key challenges to designing privacy solutions and setting a privacyfocused agenda for the future. In this workshop, we take an intentional pause to unpack the potential ethical questions and concerns this agenda might raise. Rather than strictly focusing on privacy as a state that is always desired - where more privacy is viewed unequivocally as "better" - we consider situations where privacy may not be optimal for researchers, end users, or society. We discuss the current research landscape, including the recent updates to the ACM's Code of Ethics, and how researchers and designers can make more informed decisions regarding ethics, privacy, and other competing values in privacy-related research and designs. Our workshop includes group discussions, breakout activities, and a panel of experts with diverse insights discussing topics related to privacy and ethics.