Google announced 9/3/10 that they are “…simplifying and updating (their) privacy policies….to make our policies more transparent and understandable….”
I think they have a little more work to do.
A quick run of their proposed updated main privacy policy through an online readability index calculator shows that you’ll need a Master’s Degree reading level to understand it, and rates the policy at a “reading ease score” of 10, right near a “legalese” level.