Google is well known for providing low cost, high quality solutions for free or next-to-free pricing, and as a wireless carrier, I can think of nothing but good things to come from the good folks in Mountain View, California.
*UPDATE* Droid-Life is indicating that they have information from a 3rd party source that these talks are more than preliminary, and that Google is "deep into development" and might be targeting a mid-2013 launch for this service. The who, what, where, and when of this new "Google Wireless" is still as yet unknown, but as I said before - this could be a game changer for the industry. Would AT&T or Verizon Wireless see a defection of people leaving for a service that offers reasonably priced smartphones, with a potential for unlimited data/voice plans at below AT&T/Verizon prices? I for one would leave Verizon in a heartbeat, if not sooner. Stay tuned for more details as we come across them.
*Source: BGR, Droid-Life