It’s called “What’s Popular” and it’s basically a Digg or StumbleUpon clone. It allows you to submit links/pages either publicly or anonymously and rate other people’s submissions up or down in kind.
Google says it “uses algorithms to find interesting content from a combination of your submissions and trends in aggregated user activity across a variety of Google services, like YouTube and Google Reader.”
What's Popular
The gadget is a part of a service that will be released in Google Labs, where it's already
hosted. Right now, the most popular web page has 13 pops (probably a name for upvotes), there are three categories: stories, videos, images and the pages are sorted by relevancy, the algorithm favoring recent content.