ARL and ALA have released A Guide for the Perplexed: Libraries & the Google Library Project Settlement.
Here's an excerpt from the press release:
The guide is designed to help the library community better understand the terms and conditions of the recent settlement agreement between Google, the Authors Guild, and the Association of American Publishers concerning Google’s scanning of copyrighted works. Band notes that the settlement is extremely complex and presents significant challenges and opportunities to libraries. The guide outlines and simplifies the settlement’s provisions, with special emphasis on the provisions that apply directly to libraries.