Source:  Google.

Wow...just, wow...I did not think this was going to happen this quickly.

More thoughts on it later...for now, know that it's main competitor is Apple. Specifically, the Macbook Pro with Retina Display.  Here are the more important specs:

• 13" -ish display with 2560x1700
• Touchscreen - not even Apple has that. However, you may never see a Macbook with touch display. 
• 3.35 lbs
• Intel Core i5 running at 1.8Ghz, HD 4000 integrated graphics - same GPU as those on Apple's Macbooks (those without dedicated GPU).
• 4GB, 32 GB onboard storage, 1 TB cloud storage for three years
• 5 Hours of battery life - Apple's are closer to 7 or 8 hours.
• 100 MB of wireless data via Verizon.

For now, we know who Google is gunning for with this - Apple and Micrsoft.  At $1,299, I wonder who its target audience is.