Aftermath and Significance of an event are two things that are very difficult to judge and I won't even attempt to discuss the significance of the Peace, instead leaving it up to the reader to decide how far they think the Peace (or Settlement as it is sometimes known) led to future events, most importantly the Thirty Years War. I will instead try to explain the Peace itself and how it was to go on to influence the actions of historical actors in the following decades.

The Peace of Augsburg is generally considered to be a religious settlement between the Catholic Holy Roman Emperor and several Lutheran Princes with the Empire but in fact the religious parts of the settlement were only one element of wider constitutional reforms that included taxes, policing, currency and the courts. By including the issue of religious doctrine with these other reforms it was hoped that the issue could be contained within the legal framework of the Empire, a difficult task considering that at this point in time people believed that all laws were derived from God and so there could be only one 'true' faith.

The terms of the Settlement itself were left deliberately vague in order to try to maintain the impression of a single united Christendom within the Empire, words like 'peace' and 'reformation' were used due to the common acceptance that they had religious meaning but differences in their interpretation. The frequently quoted policy of "Cuius regio, eius religio" (Whose Realm, His religion) was not included in the Settlement itself which envisioned Princes of States as the guardians of faith within their territories and not the ultimate arbiters of what form that faith would take. If this sounds somewhat vague or overly complicated then don't worry, this was entirely the intention of the framers who's primary goal was to avoid religious war within the Empire itself by submitting Catholic and Lutherans to the jurisdiction of the secular courts and hoping that they would continue to have faith in impartiality of the court itself. The Peace itself proved strong despite its vagueries, in 1648 the Peace of Westphalia was built upon it rather than as a total replacement.

I have to go afk for a little while, I will return to finish this answer later. If there are any questions feel free to ask.