Firstly Google Voice use to be named Grand Central, until Google thought they would buy them out and re-release it. So what is it.... Google Voice is a Telephony Management System, like a PAX but for you personally, not a company, and Google Voice has a whole range of extra features and capabilities.
The title of the home page starts to tempt you with the features - "One Phone Number, One Voicemail and Enhanced Call Features". Imagine if you kid has broken a leg at school, does the school call Mum or Dad or another caregiver and what if the primary person isn't available, how do they get in contact with the second person and what if mum or dad have changed their number... Don't worry Google to the rescue. You get a Google number that you can give out to people (the school) then you get to control how that number acts, forward to both parents number so anyone can answer it, call Mum's phone for 30seconds then call Dad's. Of course if you're a telemarketer you'd be glad to hear about these features because you're going to get hold of someone, think again, people can set up call blocking to get rid of unknown numbers. - That's worth the $0 price tag right there :). You can of course send and receive SMS messages (currently for free) and work even in New Zealand on both Vodafone and Telecom networks. Of course you can make and receive calls with it. If you get left a message Google Voice will email or SMS it to you.
This is the list of features taken from the main Google Voice page.
"One Phone Number"
* Call screening - Announce and screen callers
* Listen in - Listen before taking a call
* Block calls - Keep unwanted callers at bay
* SMS - Send, receive, and store SMS
* Place calls - Call US numbers for free
* Taking calls - Answer on any of your phones
* Phone routing - Phones ring based on who calls
* Forwarding phones - Add phones and decide which ring
"One Voicemail"
* Voicemail transcripts - Read what your voicemail says
* Listen to voicemail - Check online or from your phone
* Notifications - Receive voicemails via email or SMS
* Personalize greeting - Vary greetings by caller
* Share voicemail - Forward or download voicemails
"Enhanced Call Features"
* Conference calling - Join people into a single call
* Call record - Record calls and store them online
* Call switch - Switch phones during a call
* Mobile site - View your inbox from your mobile
* GOOG-411 - Check directory assistance
* Manage groups - Set preferences by group
But don't be fooled it's not just about calling, there is full SMS integration, Access to you Gmail contact lists, and many other features.
The only thing missing so far is an API for developers, but I suspect that will be on its way.
Keep an eye on this in regards to Google Android (Google's mobile phone platform) and GTalk (Google's chat tool).
Below we've attached a series of screen shots for you (click on them to view them at a better size).
Hope this helps.
Cheers,
The Team

Home

Sending an SMS

History of SMS conversations

Calling

Contacts from Gmail

Widgets - Call Me

Call Management - first half

Call Management - second half

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