I'm not sure what they find so objectionable about the new privacy policy seeing as Google isn't collecting additional data, isn't selling it and is not removing the tools they already have in place to control it; and they've significantly reduced the text involved and gave a notice more than a month in advance.
I think this is the best take on this whole issue: http://www.forbes.com/sites/kashmirhill/2012/01/31/on-the-go...