According to Google, results will "refocus the user experience on providing the most comprehensive, relevant results in a clean, simple, easy-to-use UI." They also mention something that is likely more important: ease of purchase with Google Checkout.
Search Engine Land also has more intensive coverage of Google's new offering, with screenshots of the old Froogle and the new Google Product Search. The article also shows additional perspective from Marissa Mayer, VP of Search and User Experience at Google.
On DigitalPoint, members were happy about the switch, mostly due to the name change. Personally, I thought Froogle was very clever. Were people not using it as much because of its name or because of the interface? I suppose we'll never know, but I'm looking forward to giving Google Product Search a try.
Discussion continues at DigitalPoint Forums.