Any time my podcast can get in front of more people I'm happy. From what I've heard on the Feed Podcast where a Google Rep was interviewed here is what is what we think is going to happen. 
Google will pull an episode and host it on their servers (but they won't be a media host) The reason for this is they have control and reliability (come some people do stupid things like put their files on a website host instead of a media host).
They reserve the right to put ads after your show, and you will get nothing an like it.
There will be a directory, you will be able to direct people to a location
There is no set date besides "as soon as possible"
It is just in the USA for starting.
There are specific Google tags (just like iTunes Tags), but you can submit a feed and it will use the iTunes tags.
There will be stats.
They are not splitting your file into bits.
They hope to feature your show when people search for it. They want to give you what you want - when you want it. This is probably why they paid $35 million for Songza (a company that generated custom playlists) back in 2014.
Their artwork spec is from small to HUGE, so for now use your 1400X 1400 artwork that you use for iTunes.
You can add your podcast at http://g.co/podcastprotal
Here are the Terms of Service for Google Play
Check out No Agenda Show for more in depth Media Analysis
So How Do I Feel About Google Coming Into Podcasting?
Anytime my podcast can get in front of more people, I'm very happy.
As I've been online for a while, I've seen Google products come and go (Remember Google Buzz?). So while I'm excited, there is nothing for me to hold, touch, smell, and critique. Am I upset that they are going to host my files? No.
Do I wish they would just pass through my files from Libsyn? Yes, but I understand why they are not. We all have our fingers crossed that they use better encoding that Stitcher (which makes you sound barely listenable).
Am I upset that an advertising company is going to play ads after my show and I get none of that? No. (and I'm not surprised). As long as I can say what I want in my show and use it to direct people back to www.schoolofpodcasting.com I'm fine. Even Google has to pay the bills.
So at this point, I'm "Hooray! - um, I think..."
Terms of Service For Other Hosting Platforms
Blubrry (use the coupon sopfree to get a free month )Content Producers agree that the content in you shows are free from speech that advocates violence or speech that promotes hate. The Company reserves the right to immediately remove any media content from its Websites that in its sole discretion is deemed to violate the restrictions of this paragraph.
Libsyn.com (use the coupon sopfree to get a free month)
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Spreaker (use the coupon code sopfree to get a free month)
In connection with your User Submissions, you further agree that you will not: (i) publish misrepresentations that could damage Spreaker or any third party; (ii) submit material that is unlawful, defamatory, libellous, slanderous, threatening, pornographic, obscene, vulgar, harassing, harmful, hateful, abusive, racially or ethnically offensive or is otherwise inappropriate; (iii) post advertisements or solicitations of business; (v) impersonate another person or entity or falsely state or otherwise misrepresent your affiliation with a person or ent