The change is to comply with the online advertising industry's Self-Regulatory Program for Online Behavioral Advertising. It will allow Google "to more proactively give users notice and choice about the ads they see." Google explained:
Just like before, users who click on the "AdChoices" label will be taken to a page where they can learn more about online advertising and the ads they've just seen. This page will also provide a link to the Ads Preferences Manager, where users can control the types of interest-based ads they see. Our tests of this new icon and label showed that they should not have any effect on ad performance. We think this rollout will help users better understand the ads they're seeing, and we look forward to seeing widespread adoption of this label throughout the industry.
This is nothing really new, except the label change. Google has allowed users to report bad ads via that link since 2005.
Here are some pictures:
"i" not expanded:




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