Unlike the rumor that FeedBurner is nearly code-complete on a multiplayer Wii edition, the blog posts, phone calls and conjecture about our future as part of the Google family tree are now officially true.
You probably have lots of questions about this, so they've posted a faq.
From their own site about Feedburner:
FeedBurner is the leading provider of media distribution and audience engagement services for blogs and RSS feeds. Our Web-based tools help bloggers, podcasters and commercial publishers promote, deliver and profit from their content on the Web.
If you are a blogger and not using them, you are missing out on good statistics about who is reading up on your site. Check them out, and help them celebrate becoming part of Google.