As expected, absolutely nothing was accomplished.
According to the AP article, the heavy-hitters in the music biz couldn't reach a consensus, but they agree that the issue is important:
After the meeting ended, it was unclear whether there would be another one. Simmons' publicist released a short statement that described the topic as a "complex issue that involves gender, race, culture and artistic expression. Everyone assembled today takes this issue very seriously."
Of course they take it seriously. This affects whether or not these guys can buy the Bentley with the heated seats or the Range Rover with the burled walnut trim.
The music business doesn't give two shits about what is morally appropriate. All they care about is making money. And if the unwashed masses want to buy millions of CDs full of racist, misogynistic lyrics, they are happy to oblige. If, however the bellwether says that rap music should be full of peace, love and puppy dog kisses, then that is the direction the multi-billion-dollar corporations will go to fill their coffers. Its not rocket science, Its capitalism and greed. That's all.
But kudos to Russell Simmons for putting the conference together and getting into the headlines once again.