As per The Register Google is in the process of builing a browser. I just hope that they use Mozilla Firefox as the base, enhance it and give their enhancements back to the community.
Also from the article:
Longer term, the firm could be looking at building a stack of applications that would mirror Larry Ellison’s network computer model – an online resource accessed by a browser and a very simple PC.
This seems interesting, who needs a 3 GHz system just for WordProcessing. My first PC (286 – 25 MHz ) could do that too and I don’t use any significant feature that I would miss or a low end system wouldn’t be able to handle.