They got to the part in the presentation where they spelled out the problem:
1) We've worked on getting the search entered faster with voice search and guessing what you are typing.
2) We've worked on our relevance algorithms and Google instant to help you choose the result faster.
3) Google's servers return results in less than a second, its negligible to the search experience.
4) When you click on a 3rd party site it takes on average 5 seconds to load.
I said "Oh no, they are going to host all content and stop referring users to 3rd party sites." I'd have to say that their actual solution to the problem is preferable.