I personally signed up for deals of 50% off or more in the New York City regions. Google told me:
Thanks for subscribing to Google Offers BETA - NYC Midtown! We’re excited that you've joined us as we partner with some of the best local businesses in your area to bring you great deals at 50% off or more.
Once Google Offers is available in NYC Midtown we'll send you regular emails letting you in on amazing offers in your area.
We’ll be in touch.
-The Google Offers Team
Portland is the first city to have active offers, but more will come soon. You can read the full Google Offers FAQs here.
If you are a business that would like to participate in Google Offers, fill out the form over here.
Will this be the end of Groupon? I am not sure, who knows, maybe Google's attempt at this business will fail like many of their other projects?
Forum discussion at WebmasterWorld.
This post was written earlier and scheduled to be posted today.