Michael Arrington of TechCrunch has posted screenshots of Google Calendar. These screenshots are the real deal and they aren't fakes. Mike Arrington takes the time and posts some of the features of Google Calendar.
From the screenshots you get indications that it can probably export from the Apple's iCal and iCal based formats. RSS feeds and importing from MS Outlook etc will also be added. Other features include SMS notification, event sharing Google Calendar is developed in AJAX and from rumours its supposed to debut on March 31st in a beta stage.
Google Calendar Screenshots Link
Can't wait for this one.
Late Edit 04/13/06: Here is my followup article.
Google Calendar is live, at http://calendar.google.com. You can read Michael Arrington's review here