And it will track everything you do and make it available to Google.
I think the difference between Google search and Google IM is that Google search delivered content better. IM is a different beast, because the 'content' in that case are your friends, so Google can't dominate it the same way they did search.
Now, if they manage to hack everyone else's protocols and reroute messages through Jabber, then you've got your killer app.
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