Ads will also be affected. Google will read your e-mail and possibly even Google+ links to target very specific ads at you. They already do this in Gmail, based on the individual emails you open up, but now, Google will read your information and see if something like the gym is important to you. If it sees that fitness is not, they will not advertise gyms to you. Instead, they might look at your Calendar and your location and advertise a certain restaurant to you.
They did add a clause on the ways they haven't changed which affects how you can use their services and how transparent they will be. "We remain committed to data liberation, so if you want to take your information elsewhere you can. We don’t sell your personal information, nor do we share it externally without your permission except in very limited circumstances like a valid court order. We try hard to be transparent about the information we collect, and to give you meaningful choices about how it is used—for example our Ads Preferences Manager enables you to edit the interest categories we advertise against or turn off certain Google ads altogether. And we continue to design privacy controls, like Google+’s circles, into our products from the ground up."