The Google Wonder Wheel and search options we have seen being tested is now the real deal in Google.com. Google announced it yesterday at the Searchology event, which Danny live blogged. In fact, Matt posted a nice recap of all the announcements at Search Engine Land. So I won't discuss each feature, but instead, I'll show the video Google released to demo it.
There is a lot of discussion around how this might impact the SEO world. Clearly, this gives searchers a way to refine results at a much rapper pace. So the number one ranking, is not always the number one ranking. SEOs had been preparing for this for a long time ever since universal search came to use in 2007. So this isn't that huge, but it is major change in how search is presented, although not as major as universal search.