It’s pretty much exactly what you think it is, and has the capabilities you probably expect. The built-in GPS will automatically geotag your photos, and the metadata can then be read and the location found by Google Maps, Google Earth, or Flickr’s geotag-enabled galleries.
The camera itself (which will be sold under a different brand name) is 8 megapixels and has a 3-inch touchscreen. Who knows about the image quality, but I like the idea that I can snap a picture of a cool store or restaurant, and it basically bookmarks the exact location in Google Maps. How cool is that? Great for stalking people, too.