I completely agree with 1 (which I'd mentioned in my initial comment). I thought it meant enable / don't enable too, at first, and was extremely disappointed when this turned out to not be the case. I wouldn't have minded the auto-enable setup if they hadn't made it so hard to actually disable it, and if they had an "opt-out" link like we thought they had.

They've effectively addressed this by having a simple completely disabling link now, but I still don't like how it requires deleting your public profile. What if I have a public Picasaweb page?

I'll admit, I pulled a tl;dr on the welcome screen; I typically do, welcome screens are rarely worth more than a quick scan. Expecting the "no thanks" link to refer to buzz is pretty much my mistake, though it could've been clearer.

edit: and as others have addressed (carbon8 this time), 2 and 3 are still incorrect, even from the beginning.