Hi Peter!
Privilege awareness is realizing that we all have certain amount of privilege, and being aware of how much you have. It would actually take me more time than I have to express all my feeling son this subject, but I think that those with privilege (aka having things others don't when you didn't do anything of yourself to get those things) should really be aware of that fact. Not to guilt them, but to motivate them. For me, my privilege motivates me to help other people. That's one of the reasons why so much of my stuff is free (or I make a free version of it). Because not all people work at a big company that can afford to pay for a subscription to Frontend Masters (for example).
I'd love to chat about this more later, but time is running out on this AMA!