Every day I receive hundreds of emails from Google news about the changes in our industry and the internet in general. And my first response is always "wow that is so cool - it's going to make our lives so much better."
In essence, what is happening is that there is going to be a divergence in how the web is served. No longer will results differ from the person searching on the web with their computer versus their PDA or wireless phone. The only difference really will be how granular you want the results to be.