http://techcrunch.co...e-and-chromeos/
Basically, Google is forking WebKit to create its own rendering engine, called Blink. WebKit is itself a fork of KHTML.
Opera, which just recently announced it is switching its browser to WebKit, has announced that they will use Blink.
Blink will probably be used soon, but at first it will be pretty similar to WebKit. Expect the two to diverge fairly quickly though. One interesting point is that Google was doing a lot of the dev work on WebKit, so where does this leave someone like Apple?
Another nice thing is that they've committed to not using vendor prefixes, which should help interoperability on the web.
They have a FAQ here.
Here's an article entitled 4 ways Google's Blink could change web browsing
Here is a Google+ post with a dev interview. It links to a video, which I haven't yet watched (I'm in class right now )
All in all, this sounds like a positive for the web. Not sure what will happen to WebKit, but I'm sure it will be ok too.