compile 'com.google.android.gms:play-services:+'
When you use a plus instead of specifying the version, gradle will automatically download and use the latest version of the library that it finds. This is not recommended because the potential changes between versions of libraries could break your code when gradle starts using a new version. Its better to specify it yourself. For example
compile 'com.google.android.gms:play-services:7.8.0'
This imports the entire playservices library so you don't actually need the second play-services-ads:7.5.0
line as its all-ready imported.
Also as the playservices library is so big its not a good idea to use the entire thing. Its better to use only the modules that you will need for your app. Each part can be specified with a compile '<module>'
. It will save you space and build time.
Google+ com.google.android.gms:play-services-plus:7.5.0
Google Account Login com.google.android.gms:play-services-identity:7.5.0
Google Actions, Base Client Library com.google.android.gms:play-services-base:7.5.0
Google App Indexing com.google.android.gms:play-services-appindexing:7.5.0
Google App Invites com.google.android.gms:play-services-appinvite:7.5.0
Google Analytics com.google.android.gms:play-services-analytics:7.5.0
Google Cast com.google.android.gms:play-services-cast:7.5.0
Google Cloud Messaging com.google.android.gms:play-services-gcm:7.5.0
Google Drive com.google.android.gms:play-services-drive:7.5.0
Google Fit com.google.android.gms:play-services-fitness:7.5.0
Google Location, Activity Recognition, and Places com.google.android.gms:play-services-location:7.5.0
Google Maps com.google.android.gms:play-services-maps:7.5.0
Google Mobile Ads com.google.android.gms:play-services-ads:7.5.0
Google Nearby com.google.android.gms:play-services-nearby:7.5.0
Google Panorama Viewer com.google.android.gms:play-services-panorama:7.5.0
Google Play Game services com.google.android.gms:play-services-games:7.5.0
SafetyNet com.google.android.gms:play-services-safetynet:7.5.0
Google Wallet com.google.android.gms:play-services-wallet:7.5.0
Android Wear com.google.android.gms:play-services-wearable:7.5.0
Finally to know what level playservices is compatable with check out the developers guide
Overview of Google Play Services
It says this
The Google Play services APK is delivered through the Google Play Store, so updates to the services are not dependent on carrier or OEM system image updates. In general, devices running Android 2.3 (API level 9) or later and have the Google Play services app installed receive updates within a few days. This allows you to use the newest APIs in Google Play services and reach most of the devices in the Android ecosystem. Devices older than Android 2.3 or devices without the Google Play services app are not supported.