The rumors are true. Google Talk really does exist and as always Search Engine Watch provides a good rundown of the features. Google Talk uses your existing Google account and automatically adds any contacts that also have the service as well as lines up the rest of your contact list for invitation and features integration into the gmail accounts.
While there isn’t anything new and exciting about Google Talk, it does serve an important purpose for Google. IM programs create loyalty and that’s important for a company that sees its market share slipping in recent months. However, Google Talk has a long way to go to win that loyalty. There just aren’t enough features yet to convince anyone to switch.