As a designer, I'm heartened to see that the Google logo is actually smaller in the new design. I want to buy a drink for whomever managed to get the powers that be on board with that; it's quite an accomplishment. (I wonder if it tested better in some way. Google's data-uber-alles approach to design may have helped carry the day and accomplished something that is one of the greatest accomplishments a designer can achieve: getting a client to control its ego.)

This looks to be a variation of an even cleaner SERP that they are/have been testing. I really liked the super clean look one, but this one may be easier to swallow by the masses.