First, please understand that Google is not a tech company. They are an advertising company. It still astonishes me how many people don't realize this. Second, they are in the business of collecting data and doing what they please with it. If you think my statement an exaggeration, I invite you to research it on your own. There are many nice folks out there who lay out what it all means in understandable terms.
In short, it means several things but one really big thing it means is that the emails in your gmail, and everything they say or contain, become the unreturnable property of Google. If you continue with Google after the 1st of March, you have no wiggle room at all. By logging in, you agree to their terms.
Google, like many corps that become monolithic giants, has not done well in terms of being more transparent about their intentions. This is true for the 1st of March coming up as well. Feb's almost over kids, and that dates' on heel. You might want to start looking for an alternative now and get it done, then delete your account.
Google has virtually taken over youtube, which is great imho because it means someone will produce a truly viable alternative. The great thing about this kind of nonsense is it drives people to create reasonable alternatives. I definitely would cancel, if nothing else, your google+ account.
In case you weren't aware, Google hands out .gov emails. That's short for 'government'. Um.....LOL...considering Google's willingness to turn over all user collected data to the gov with a simple request now, you know...lol
Well, do what you like of course, but you won't be able to claim being unaware anymore. Where tech is concerned, you CANNOT safely assume the makers are concerned for your privacy or that of your children's. Your children that use FB and also use google Android are being tracked. Their tastes are tracked, their friend connections are tracked etc etc....are you ok with that mom and dad? Are you ok with them selling your chlids information to parties you can't possibly know about in advance?
If you're cool with all that, by all means...continue playing in their sandbox.