I clicked on the link. I logged in with my GMail account. I agreed to the terms and conditions. And boom, I'm right at the main page, where I can create my home page. Less than a minute later, I'm done.
Here's the screen shot of a working session of Google Page Creator:
From a UI perspective, the features provided in this tool is comparable to the features I normally use when I'm in Microsoft Word (the stuff that's present since Word 2.0, Title, Heading, Bold, etc.)
I still need to figure out
How to save the created page somewhere else
What to do when the googlepages.com server is down
How to control who can or cannot read the page
If they support some kind of automatic link creation
If they support link migration (BTW, have you noticed how on Windows XP if you create a link on the desktop and you subsequently move the original to a different spot, the desktop link will follow the move?)
I can't wait when Google Presentation Creator comes out!