The excitment this week surrounding Google I/O 2012 reminded me of last year when BigQuery was announced.
Google's BigQuery has been quietly moving forward since I/O 2011 when it was first announced. I've been experimenting with BigQuery since February and found it very promising; the ease of loading data and having Google manage the sizing of the backend is refreshing. BigQuery went live on May 1. Chris Webb blogged some of his initial impressions just a few weeks ago.
According to my sources, BigQuery is based on but is not raw Dremel. The key idea is that it is a column-store that Google has packaged up as a SaaS/PaaS. Keep your eyes on this because it could be the start of something big.