According to a short release from the FTC:
The settlement bars the company from future privacy misrepresentations, requires it to implement a comprehensive privacy program, and calls for regular, independent privacy audits for the next 20 years.
The agreement was finalized following a 30-day period for public comment. Ten days ago Google announced it will discontinue Google Buzz.
An analysis of the March 2011 proposal between the FTC and Google can be read here.
FTC Gives Final Approval to Settlement with Google over Buzz Rollout
Office of Public Affairs
October 24, 2011