Of course I said yes!
And Folding@home is just the beginning according the Google Compute FAQ. Google have expressed an interest in providing Google Compute for the use of other important projects.
While these projects have operated in the past, Google getting involved will hopefully take these projects into the mainstream and provide millions or even billions more CPU hours to assist in these important projects.
However, Google's involvement may not be the silver bullet that will fix distributed computing's mainstream popularity. If this strategy is to work, Google needs to put more of its weight behind getting its toolbar out into the public. This may include something more prominent that a "Google Toolbar" link on the front page.
For those people already running Folding@home but still curious, you cannot use your already in place ID. Google Compute will assign you a random ID in the form of Googlexxxxxxxxxxxxx. They are considering a new version of the toolbar that will support custom UIDs if there's enough demand for it.
Also, for those wondering what it looks like, here is a screenshot of my machine running Google Compute and here is my stats page for my toolbar.
If you like the sound of Google Compute and don't have the beta toolbar, never fear! If you email Google Compute support they will tell you how to enable the beta toolbar.
Despite its fallbacks, Google's one-click attitude to distributed computing will make it faster and easier than ever for lazy people like me and will raise the awareness of important distributed computing projects for people like my grandma.