Update: Official statement.
Lots of information available at blogoscoped. Of particular interest is how it looks like its going to be introduced: using an online graphic novel by Scout McCloud.
They also outline some UI design choices which I think are appropriate - we did them quite intentionally on AOL Explorer, and (forgive the sense of vindication but) two items I feel particularly that I pushed (larger back button and tabs above the address bar) look like they're mainstreaming... pity we blinked so often back then.
Hopefully there will be more in "Google Chrome" - a rethought browser is looooong over due. Definitely read Scott's comic commentary as to why.
Probably unfair to juedge without a test drive, but what I see in screenshots is still pretty incremental (as was AOL Explorer) - it would be a continued sign of corporate hubris to imagine success by tweaking a successful formula and sticking their brand on it.
(Note that I'm not saying it won't work.... :P)
I'll post some thoughts when I try it out.