The settlement does nothing for the future for the owners of these systems.
There is no provision for replacement if you have not experienced the issues. If the settlement is approved and the next month your system goes bad you are left having to fend for yourselves (for non-Apple equipment) so Apple offering an extra year of coverage for that specific issue is nice. It appears to be better than the way that HP and Dell users are being treated (although I have not researched their extended coverage, if any).
Still, having checked my MBP, it is in the class, and hasn't had any of the issues described, but not knowing how many of the machines are involved, there is no way of knowing what the chances of it happening are. (5%? 10%? 25%?)
Granted at some time in the future the systems involved would be replaced because they are old and potentially not supported by OSX but this settlement could dramatically effect your available options with regards to Apple hardware. If you are in the 'class', and do not exclude yourself from it, and in the future your MBP develops the problem and Apple hasn't extended the coverage or refuses to repair it, you are barred from filing any lawsuits or other remedies to get your system repaired at little or no cost to you.
I would imagine that people holding the suspect MBP's may actually want to exclude themselves from this settlement. If you are in the class, you potentially lose a lot of leverage...
Any lawyers out there that want to toss in an opinion?