In for the massive amount of pointless websites that will pop up again.
actually this is about 100x better than geocities… its an alternative to MS sharepoint which will likely be better than sharepoint in a few months 
google sites have been around for a while
werd ^
back in the day I made a cheesy website with links to nintendo roms/emulators. Took me about 2 weeks or so to make, only to get shut down in a few hours 
lol
geocities sucked
Only thing cool is the ability to use the Google Apps backend and integrate all their services into your website like a calendar which could be useful for small group websites on low budget.
this plus google apps = win.