Google is introducing Google Voice, which is based on the technology of Grand Central Communications, a company they acquired in July 2007.
The new service marries innovative new phone features with Google's e-mail service (Gmail) allowing users to receive transcribed voicemail messages in their e-mail inbox.
According to Craig Walker, posting on the Official Google Blog:
The new application improves the way you use your phone. You can get transcripts of your voicemail and archive and search all of the SMS text messages you send and receive. You can also use the service to make low-priced international calls and easily access Goog-411 directory assistance.