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With Google already being such a large part of the iPhone, it was depressing to see how little this application had to offer. The entire application is a glorified folder of Safari bookmarks with a Google search bar attached to it. This makes the point of the app very confusing as Safari already does all of this, you would just have to manually bookmark everything yourself. The Google Mobile App will also directly launch the Maps app or the YouTube app if any of the links you click on need them.
This app doesn't really fit in for a number of reasons. It isn't its own web browser, as everything it does besides pulling up search results requires it to launch in Safari. It doesn't offer any added functionality over Safari, as that already has a built in Google search bar.
Not to mention that links in Safari on Google that have to do with Google Maps or YouTube will launch their respective apps on the iPhone. While having access to all the Google Apps offered on a regular computer would be nice, clicking on their icons simply opens the bookmark in Safari with not all locations being the mobile version or iPhone version of that page.
Out of all the companies to come out with an App for launch, Google has sorely disappointed iPhone fans. Perhaps this app will enjoy an update similar to what Facebook did. But until that actually happens, do not download this app.