This from the V.U.P. website:

Fergus's Take On The Google Book Search Agreement
24 August 2009
A number of authors have asked me for advice about the Google Book Search agreement, in light of the September 4 deadline for opting out. With the caveat that I’m not an expert on copyright law and not qualified to give formal advice, I agree with the US Authors Guild, that you should only opt out if you intend to sue Google yourself: click here for the link

Settlement FAQs are here

People have some legitimate fears about the implications of the settlement, but a number of the statements quoted in Saturday’s NZ Herald article by Geoff Cumming, seem over the top to me.
I think it’s useful to remember too that opting out is not a protest against the settlement, and will not stop Google scanning your book.

Fergus Barrowman

Publisher, Victoria University Press