In the Founders Letter [investor.google.com], Google mentions a stock split. It is not at all the way stock splits are usually done, of course. For every share of existing voting stock someone has they give them an additional share of stock that has no voting rights and has a different ticker symbol.
I've never heard of a company do a stock split where the split shares trade under a different symbol unless the company is being broken up into two separate companies.
What is likely to happen here? It seems that since the "split" shares will have a different ticker symbol they'll be seen as two different stocks. Since the stock isn't really getting split with the value cut in half, the price of the existing stock probably won't drop by half (or maybe not at all). What value does the stock with the new ticker symbol start trading at since it is not the same asset as that from which it was split?
If the value of existing shares does not go down when this new "split" is issued and the stock with the new ticker symbol has any significant value, then it would be a good investment to snap up G stock now.
It is also a way for them to issue more stock and still keep a death grip on control of the company.