Yup, I saw the Michael’s coverage of Google Calendar aka CL2. From what little information we’ve got sounds like they’re doing a huge amount of it right.
Personally most intrigued by the idea that they’ll “combine their event creation feature with a web crawl and parsing of event data”. We ask a number of things of our calendars (well at least three), and one of the most important and least served to date is synchronicity.
update [6 hours later]: Well, some of it right at least.