To begin with, policies now sit in themed groups, such as "Privacy and Security" and "Restricted Content" -- there shouldn't be any confusion as to where to go. The more common infractions now have visual examples and detailed explanations, too. And if an app does run afoul of Google Play's policies, there's more enforcement info to help resolve problems.
You probably won't witness these changes first-hand unless you write code for a living. Even so, you could notice the impact in the near future. If you're fond of apps that push the limits of Google's Play's guidelines, you'll have less reason to worry about them vanishing overnight. Moreover, the clearer policies could be more encouraging to first-timers who'd otherwise shy away. It's doubtful that this will trigger an explosion of new apps, but you could see some titles that otherwise wouldn't exist.