Freedom of Power Treaty Help?

Civil War gave us the Superhuman Registration Act in the Marvel Universe, but unbeknownst to myself, it turns out that 52 solidified something called the Freedom of Power Treaty in the DCU. I only bought the first 10 issues of 52, and I recall the Treaty being mentioned, but I had no idea it had come to have any sort of real impact.

Apparently it's even a significant plot point over in Green Lantern. I say "apparently," because I haven't read the issues myself, and I hesitate to make a stab at any analysis without some more thorough information. Could anyone help to catch me up to speed? I'm especially curious as to the details of how this has affected Hal and the Outsiders.