Google is showing off its tech by having a contest where people creatively showcase the Google abilities within the context of their imagination. It's also a contest in that people can visit the site, DemoSlam.com, and vote for their favorite videos.
There's also a contest for viewers whereas they can win a Google TV or a T-shirt just by registering.
Personally, I liked the video magic entry just because of its humorous usage of the tech. It might not showcase its capabilities very much but it's interesting.