The NY Times has a great article regarding Google, free speech on the Net, and the people making some really tough decisions.
I feel Google does a really good job with this, acting in good conscience, and following through with their "don't be evil" philosophy. From experience I trust Larry and Sergey (and think I've finally learned to tell them apart.)
Additionally, I have a lot of confidence in Nicole Wong, from her legal work for us at her prior job at Perkins Coie.
Sure, any powerful organization needs checks and balances, and maybe we need more of that for Google. However, let's also give them credit for playing fair, which I respect and admire.