The deal was reported earlier today, and is pretty all-encompassing. Google and Verizon will not be allowed to sue each other for the next five years based on patents that either company currently owns, or may acquire within that time frame. It will even extend to patents that are sold, meaning that whatever company purchases a patent from either Google or Verizon will not be allowed to sue the other using that patent. It is unclear if any money is involved with the deal.
The two companies have been working on the details of the cross-licensing deal for the past year. And, along with the announcement, Google's head of patent transactions, Kirk Dailey said about it, "This cross license allows both companies to focus on delivering great products and services to consumers around the world." We certainly hope so.
Google has been working hard on cross-licensing deals to protect the Android ecosystem, including deals with Samsung, LG, and Cisco. Google is also pursuing deals with other mobile network providers.