Google has updated their Google Play Services to version 3.0, which is actually a pretty big milestone. It includes stuff like Google+ sign in and many other smaller features. However, one unexpected “feature” it came with is a new icon called Google Settings. And since the services update automatically, without you even having to press a single button, it may have surprised a few people to see a new icon in their app drawer. But fear not, it is harmless.
This icon opens a settings page which does nothing but link to other Settings already in your phone. Google+ will like to the Google+ app settings, Maps & Latitude do the same for Maps, and it goes on. While it’s fairly useful in a small sense, to congregate Google account settings into one place instead of scattering them across many apps, this should be in Android settings, NOT a separate app.
Either way, you should not be afraid. You can hide the app if you’re running a custom launcher (or even TouchWiz launcher on newer Samsung phones). You’ll probably never need it.