(That there is off the coast of Hawaii.)
It'll be interesting to see what kind of detail it has. Will you be able to see coral reefs? Sunken ships? Crabs hamming it up for the satellites?
Also this sounds cool:
Another feature, Historical Imagery, provides the ability to scroll back through decades of satellite images and watch the spread of suburbia or erosion of coasts.
You get the feeling that we're approaching a time when Google Earth provides real-time updates and multi-perspectival images of every point on Earth from point-blank range, a Google Aleph that will panoptically fulfill Larry Page and Sergei Brin's own personal god-dream.
Google Earth Blog has much more.