Starting in a few weeks, Android Market will be showing content ratings for all applications. This new capability will provide users with additional information to help them select the best applications for them.
Applications will be rated according to four content rating levels: All, Pre-teen, Teen, & Mature.
To prepare for this launch, starting next week, developers submitting new or updated applications will be required to include a rating for all applications and games uploaded onto Android Market. In addition, developers will have the next several weeks to add a rating to their existing applications and games. Once content rating is visible to users, any applications or games that do not include a rating will be treated as “Mature”.
Source: Android Developers Blog: Content Rating for Android Market