The Android Market's new content rating system is now live in the developer's console. From here on out, any new or updated applications will be required to choose from Mature, Teen, Pre-Teen and All. While ratings ultimately are the responsibility of the developers, Google has given a set of guidelines that must be followed.
Apps that include references to Alcohol, Tobacco and Drugs, as well as violence (cartoon, fantasy or otherwise) shall be labeled "Mature." Same goes for sexual or suggestive content. Porn still isn't allowed.
A app that includes inflammatory content, profanity and crude humor, that may offend users should be rated "Teen" or "Mature."
Here's where it gets a little interesting: Apps that ask users for their location at any point must not be rated "All." Apps that "ask to access course or fine location data" are "Pre-Teen." Any app that can publish your location should be rated "Teen" or "Mature."
Users will be able to flag apps that they believe are incorrectly rated, and Google will take a look. Repeat offenders can be "subject to further action," says Google, up to and including killing the dev account.
We're not seeing ratings on apps in the Market just yet, but you know they're coming.