@Droid Motorola,
Basically it gives you a number that you can forward to any number of other numbers (provided you have control of them)
You also have the option to "port" your current number to google voice, which is basically just setting up your current numbers voicemail to use google voice's voicemail instead.
Some of the features are (when not using your own number) the ability to screen calls (Caller must state their name when they call you) You can then choose whether you want to answer the call, send it to voicemail, or listen in as they leave the voicemail. Once they have left you a voicemail it will in it's best attempt try to transcribe it to text (still not perfect) at which point it can notify you by email that you have a new voicemail.
You can also use it for SMS messages and it keeps a log of all messages sent and received through the service.
It also keeps a call log of who has called you and who you've called etc.
Another nice feature is really cheap international calling: here are the rates
http://www.google.com/support/voice/bin/answer.py?answer=141925