This new view is available for some regions (Silicon Valley, Las Vegas, Miami,
Denver and New York, according to Colin Colehour from the US, who says the
Street View button disappears when you move the map away from North America),
and is an alternative to the existing Traffic, Map, Satellite and Hybrid views.
Clicking it you will see a photograph of the location as if you were standing on
the streeet looking around. The O'Reilly Radar blog, who says the data for these
pictures is coming from Immersive Media (except for San Francisco, which also
has a better zoom level, as it turns out), comments, "This is not just a static,
A9-style image. It will also let you move along the street in a smooth manner
and even more amazing it will let you change your angle and continue moving that
way."
Needless to say it's pretty useful feature. It helps if you're better at
spotting landmarks than street signs. Print the directions, but also note the
businesses around it so you'll know whether or not your in the general area of
your destination. Also, if you are looking for locations or property, you can
actually take a look at the pictures of the surrounding neighborhood before
going to see for yourself.