Its important to understand a couple of things....first your goals, time frame until you withdraw the money, etc.
Second, its very important to understand what is underlying in the funds you are considering. The Freedom 2050 has about 60% US stocks, 30% international stocks, and 5% bonds (plus a few other small misc type categories). So the asset allocation you are considering moving to is MORE conservative than what you currently have.
US Total Stock Market Indexes are a great core holding for your US equities. I actually hold 2 funds for US equites: an S&P 500 index fund + the extended market index fun (all the non S&P 500 stocks) instead of a total stock market index. Due to having an institutional class S&P 500 (.05% ER) available in my 401k (vs .07% for the total stock market fund), this keeps my expenses a hair lower, and also allows me to weight small to mid cap stocks a bit more heavily, which increases volatility but historically has increased returns. I believe the US total stock market funds typically allocate based upon market capitalization, so about 79% of a total stock market index fund is typically the funds of the S&P 500, and only 21% is the extended market (mid and small cap) Then I hold the rest of my core holdings in international funds, specifically the Spartan Intl Index Fund. It has a much lower expense ratio, but does not have the emerging markets exposure like VSGDX does. I am currently exploring the best avenue to add more emerging markets exposure to my 401k. I usually am about a 65-70 in US index funds vs 30-35% in international funds. I don't hold any bonds funds.
A great resource for all of these funds is to read the analysis on morningstar of each fund. I use the institutional access that my local library has (just use their website, log in, and then can search for morningstar and it leads me to their website, logged in, with all the subscriber content unlocked). Morningstar has great research that normally costs $200/year for each investor, but is free through my library.
Sorry for the long post, I was just attracted to your question because I'm 31, make 74k, and have a Fidelity 401k. This is the first year I'll be able to max out both my 401k and mine/wife's Roth IRAs. This is my first post on the MMM boards, been reading the blog/forums for awhile and am a fan. Good luck.