WSJ:
Google says users will be able to buy digital copies of books directly from its site. It will also allow book retailers—even independent shops—to partner with Google Editions on their own sites, sharing the revenue.
and
While Mr. Palma didn’t go into details, users of Google Editions would be able to read books from a web browser— meaning that the type of e-reader device wouldn’t matter. The company also could build software for certain devices like an iPhone or iPad.
The first quote is killer, if Google say let people self publish ebooks, sell them through Google and got 60% of the revenue – this is how Apple got the App Store so damn popular. They made it easy for creators to sell to consumers.
The second part though – well no one wants to read an ebook on their computer, let alone in a web browser. The typography would be terrible, Google needs to integrate this with Android and Chrome OS to win some market share.