Okay, so no personally-indentifiable data is transmitted. But if it uses the same cookie as Google Personalized Search, Gmail, AdSense, AdWords, etc., then it would be very easy for them to tie that non-personal transmitted data with the personal information provided to them with when signing up for other services.
I can get all those same features through Firefox extensions. Thanks Google, but I'll pass on this one.
All the features except desktop search - I use other software for that though.