Telemetry drivers is data collecting.
Microsoft is interested in seeing how you use your keyboard cover of choice, so that they can collect all sorts of data and dump in a database, and then all they see on their side, is stuff like:
-> "40.225% of TypeCover users that use the left and right click, and seams to tap it several times in a row (more than double click action) without moving the cursor" and then they can conclude for example: this may indicate that the button implementation that we added isn't good. Can we release a firmware update to fix that, or help the issue? Yes/No. And also: "This is something to consider in improving in the 3rd generation of our covers."
Stuff like that. There is no keylogger, nor nothing to identify you about this. This is nothing new. Microsoft has been tracking how you use Windows, since ages ago, and been pretty open about it. Just look at the Windows 8 development blog side if you want to see some fancy charts in some posts.
That is how they have information on what users do, how many display people have. No information to identify you is even sent as per the license agreement. Windows 8 has options if you want to send some additional information, but those are disabled by default, most likely because it touches some gray area of what could be, to some, personal data, and avoid lawsuits. Knowing how many monitors people have in general with no way to identify who each are, is no personal information. Even hackers and spyware doesn't care about such information (beside they can get it themselves without any issue or complications, no need to hack the telemetry system, but they don't 'cause it's useless. its is non-valuable information).
So don't worry about it.