The new terms of service explain the terminology Google uses in clear language, and it consolidates many of Google's existing terms, so users don't have to keep track of as much Googlese.
A few services, including Books, Chrome and Wallet, have industry-specific privacy laws, so those are keeping their own privacy notices.
There are no surprises here, but Google's new policies will make it easier for Google to personalize content across services. These can be helpful, little things like spelling suggestions, life-savers like meeting reminders based on location or traffic conditions, or core pieces of Google's business, like personalized ads across Google sites.
Google users should take a few minutes to peruse the new policies. You can see what data Google has about you via your Google Dashboard. If you're unfamiliar with the ways Google uses its user data, check out its new Good to Know website.