Is it possible to track what information on your phone an app is uploading? If you are concerned about what information an app is sending about you (your privacy concerns) is there any way of tracking this? Can you see if an app is sending photos on your phone? Can you see if it is sending the text that you type in it?

In general can you log the information that an app (application) sends over the network from your phone? Would it be readable? Or at least should it be readable?
Sniffing the network traffic would require root for the app that does the sniffing part. This can easily be done with "shark for root". But you won't get any end-user friendly information, just the raw packet data that's been send and received from your phone. That information needs to be matched to a particular app and action (e.g. app xy is uploading photo file x123.jpg).

Generally you don't want an app to be able to read and log another apps network traffic for security and privacy reasons. That's why you need root for that.

Even if you could read and log the packets from other apps, it's easy to disguise the malicious data as something normal. It is not so easy to reveal that.

Side Note: If you don't trust an app which has network access, don't install it.  If you really need the app and you know that it works also without Internet although the app requests permission to use it, some custom mods will allow you to block internet access without the app knowing.