Google Open Source Project Hosting

Google has just released its latest project, Google project hosting -- a "SourceForge-like" hosting services for open source projects. So far it has only an issue tracker and Subversion repository so I don't see how it "competes" with SourceForege feature-wise. At least it has the scalability and reliability of Google's infrastructure. It also has the potential integrating with other Google services like Gmail, Groups, Page, etc. Interesting to see how SF would respond...