Introduction & 1. Program Participation

They have removed that sites must adhere to the Program FAQ when you agree to the terms. Instead, they state that the description of the program can be found on the FAQ page.

They also added a clause about multiple accounts, stating they are permitted with explicit written (or email) permission from AdSense.

2. Implementation; Ad Placement.
Slight change made about ad sizes offered from time to time by Google. This could mean that there might be new sizes in the future as well.

4. Program FAQ.

This section has been completely eliminated.

4. Parties' Responsibilities.

Again, reference to the FAQ has been eliminated, but still states that you must be compliant with the Program Policies

5. Prohibited Uses.

Minor references to the FAQ has been eliminated.

Displaying AdSense on search result pages has been removed as being prohibited.

6. Termination; Cancellation.

Again, another reference to the FAQ has been removed.

Reference to section numbers has been changed, since one numbered section has been removed.

The need to remove all AdSense javascript within an hour after account termination has been removed.

7. Confidentiality.

Removal of part of the section regarding disclosing stats for income tax reasons.

10. Limitations of Liability; Force Majeure.

An interesting addition regarding possible breach of intellectual propery rights and proprietary interests with the program.

11. Payment

Again, several removals for FAQ references, including that the timing and delivery of the checks as per the FAQ. But they have added a new reference to the FAQ. They have added a new reference that any past due payment owing on Adwords will come out of AdSense earnings before checks are sent. This was previously mentioned in the FAQ, so it has been added here, since the publishers are no longer agreeing to the FAQ when agreeing to the terms.

14. Your Obligation to Indemnify

New additions, basically stating you can’t sue Google for loss of income, expenses, damages, reasonable legal fees. Anyone who entertains the thought of suing AdSense for whatever reason should be sure to read this section, since it spells out what you agree in regards to legal action when you agree to the terms.

15. Information Rights.

Includes reference that your site information can be shared with a third party, but they cannot be responsible with what a third party may do with that information.

16. Miscellaneous.

States you agree with the new terms by agreeing online, or with continued use of the AdSense program.

Whew! That’s it for the new terms.

Now for the new Policies!

Account Transferability

This is a brand new section. Basically states you can’t sell an AdSense account. If you sell your site, you would have to cancel your account, and the new owner opens a new one. I am wondering if this is to prevent people who have been suspended from purchasing a site with an active account.

Ad Placement

Added that multiple ad units are allowed per page, up from the previous wording of single ad units.
Multiple ad units may be displayed on each Web site page, but no ad unit shall contain any advertisement in common with any other ad unit.

Now for the FAQ.

Program Basics Section

1. What is Google AdSense?

Small reference to the Policies removed.

3. . Can I filter which ads are displayed on my site?

This has been added:
Please note that Google does not commit that all ads for the websites that you add to your URL filter list or ads containing objectionable content will be prevented from display on your site.

I wonder if the filter isn’t working as well as it should, and also if more adult content ads are sneaking through. But objectionable content can often be in the eye of the beholder and what one publisher feels is fine could be offensive to another.

7. Can I cancel my Google AdSense account?

Reference to the terms for complete termination information has been added.

They also added that they will not pay out on earnings of less than $1.00.

8. How do you prevent click and page impression spam?

New addition of “These prohibited methods include but are not limited to: This includes encouraging users to click on the ads or to visit the advertisers' sites as well as labeling the ads with text other than "sponsored links" or "advertisements." Which is inline with what was added to the Policies.

9. Can I display ads on search results pages?

It is now permissible for all publishers to include ads on search results (previously it was only for publishers who asked for permission during the testing process).

4. Are non-English websites eligible for Google AdSense?

Added new language support.

5. Can I sign up if I am already a part of an ad network?

Reference to the multiple ads allowed per page as long as the ads are not the same.

6. Can I sign up for more than one account?

Information on contacting AdSense Support for multiple accounts.

Payments Section

1. How much will I earn through this program?

Reference that payments are in accordance to the terms.

4. When do I get paid?

Now states that payments will be mailed “approximately 30 days after the end of each calendar month”, while it previously was “within”.

States full payment terms can be found in the Terms.

Format Section

1. What are the layout options for ads on my web pages?

Reference made that multiple ad formats are available, up from the four that were previously available.

3. Can I display more than one set of AdWords ads on a web page?
Again the change to “Multiple ad units may be displayed on each Web site page, but no ad unit can contain any advertisement in common with any other ad unit.”

My Account Section

9. How do I know the URLs of the ads on my site?

Reference made to the new googleadservices.com URL for AdSense/Adwords, which is used for conversion tracking.

Also includes more detailed instructions on how to get the URLs of the ads.

11. How do I cancel my account?

Added that they do not pay out for earnings under $1.00

13. How do I change my display language?

This section has been added. I think it is self explanatory ;)

Privacy and SecuritySection

2. What does Google do with my personal information?

Again, references to this mysterious third party. “Please note that Google may disclose to third parties personally identifiable information about you for the purpose of approving and enabling your participation in the AdSense Program as described in the Terms and Conditions.” I really wonder who this third party is, or if it is there for future use.

Done!

Now, for a possible conspiracy theory ;)

Sites cannot include: Deceptive or manipulative content or construction to improve your site's search engine ranking, e.g., your site's PageRank. What if the third party they can share publisher's information with is actually the regular Google serp team? Could running AdSense then lead to having a site run-through with a hand edit by the natural serps and possibly be booted out of the Google index?

It is important to note that the FAQ is no longer binding, since it is not a part of the AdSense terms. And it is the FAQ that has always said Participating in Google AdSense does not affect your site's rank in Google search results. Google AdSense will not affect the search results we deliver. Google believes strongly in freedom of expression and therefore offers broad access to content across the web. Our search results are unbiased by our relationships with paying advertisers and publishers. We will continue to show search results according to our PageRank technology.

When agreeing to the terms, you state they can share information with third parties for the purpose of enabling and approving your participation in the Program. Is it a big stretch that AdSense could be discussing a publisher's website engaging in black hat techniques with the natural serp team, under the guise of finding out what could be done to make the site compliant with the "Deceptive or manipulative content" aspect in the policies?

Now, would Google do this? It is probably a longshot, but it did come to mind when wondering who exactly this "third party" is that has been referenced so many times in the changes, and because I was analyzing all three documents, I am probably the only one who would put two and two together. And conspiracy theories always make for interesting threads, especially when they have absolutely nothing to do with checks ;)

I think this has got to be the most comprehensive analysis I have had to do to date, I hope you all enjoy the run-down of the changes without having to hunt them out yourselves.