Despite opposition from privacy groups and regulators, Google's privacy policy update is set to go live today, March 1.

But is this something that should have you worried, or is it much ado about nothing? Depends on who you ask.

At issue are plans to consolidate Google's 70 or so privacy policies across its products down to one. But with this change, Google will have one profile for users rather than separate logs for services like YouTube, Search, and Blogger. It's that account consolidation bit that has privacy advocates up in arms.

Google, however, again defended the policy update in a Thursday blog post, and stressed that "as you use our products one thing will be clear: it's the same Google experience that you're used to, with the same controls."

The update, Google said, will allow it "to improve our products in ways that help our users get the most from the web." Translation: a more targeted experience, including ads, based on your activity.

Furthermore, Google said until today, it has "been restricted in our ability to combine your YouTube and Search histories with other information in your account. Our new Privacy Policy gets rid of those inconsistencies so we can make more of your information available to you when using Google."

Google used the example of a user who searches Google.com for chef Jamie Oliver. When a user signs into YouTube, Google could then recommend Jamie Oliver videos based on your search history.

But, Google's actual privacy policies aren't changing, the company insisted. "The new policy doesn't change any existing privacy settings or how any personal information is shared outside of Google," according to the blog post. "We aren't collecting any new or additional information about users. We won't be selling your personal data. And we will continue to employ industry-leading security to keep your information safe."

The main change, the company said, is that its policy is easier to understand; "there's no longer any need to be your own mini search engine if you want to work out what's going on," Google said.

Despite these assurances, the change has been criticized by everyone from members of Congress and state attorneys general to the European Commission and privacy groups, many of whom urged Google to delay the planned March 1 rollout. Google, however, stood firm and said it had no plans to push back the launch.

One member of Congress who expressed concern was Rep. Edward Markey, who asked the Federal Trade Commission to investigate whether the change violates a recent settlement with the commission regarding privacy changes.

In a Wednesday statement, Markey cited the recent Safari/Internet Explorer tracking controversy as evidence that Google should not be taken at its word.

"The company's changes call into question how Google plans to use this information now and in the future," Markey said. "I will continue to monitor this situation."

Are you concerned about the change or does it seem innocuous? Let us know in the comments.

For more, see How to Opt Out of Google's New Privacy Policy (Sort Of), as well as Google's Privacy Policy: A Wakeup Call, But That's It.