On the street, in public- no, you have no privacy right. Because you're in public! The laws are fairly clear on this; read through some of the information al asmp.org to find out how things actually work with respect to copyright, privacy, etc.
The greater question, though, is are we allowed to use/publish/profit from said images without a model release?
Should be specified that MarkS's comment is based on US laws regarding image and privacy. In fact, it varies from country to country.
In Quebec, following the Aubry judgment, you cannot published (paper or web), and certainly not profit from, without consent if the person is recognizable, unless the image is newsworthy. Some people argue that this applies only to news papers and photojournalists, but the Supreme court did not make that distinction.
Same in France, where there is a "droit à l'image" (right of image, or personality rights) that doesn't make the distinction between public and private. It is considered that your private life extends to the public sphere — i.e., what you are doing in the pubic sphere is your private business.
In Germany, there are specific circumstances written in law that disallows the taking of pictures themselves, not solely publishing.
In Greece, taking a picture of someone in a public place requires consent.
In the United Arab Emirates, you can go to jail if you publish without consent.
In other words, know the law of the country you're in. I check this page every time I travel, just to make sure.
en.wikipedia.org