It would be nice if the market had a way to more accurately describe what each app is doing with the listed permissions, so that less people were scared.
While I don't know Asphalt itself, "Read phone state and identity" /can/ be something as innocuous as checking whether you are currently connected to non-WiFi Internet (all the better to warn you of possible charges and speed issues).
Coupled with the "Change wifi status" and "Full Internet Access" permissions, sounds like Asphalt is going to download a ton of texture maps and wants to warn you if it'll take an age to do so and give you the option to enable WiFi without leaving the app.
I agree with you, the permissions can be a little too coarse and easy to fret over. The above, for example, could also be used by an app to track your exact location using WiFi APs as extra positioning info...