This thing should just about halve Google's over-inflated share price.
I've got a few problems with the Google Pack. Firstly once you've installed it your left with loads of applications all over the system tray and your desktop, it looks like your computer has been the victim of a huge malware attack.
Ad-Aware is severely out of date, which makes it basically useless, it includes no real-time protection so the user is forced to run manual scans all the time. If you want a decent anti-malware application, just look at Microsoft Anti-Spyware, now that's something Google should of included in this pack!
Worse yet, Norton Anti-Virus 2005. Which is also massively out-of-date, it even requires three reboots of your machine to get it up to date! This is going too far, Google advertise this pack as "safe, useful software for your computer", it's downright dangerous. Having anti-virus software this out of date on a system is as useful as having no anti-virus software at all, in my opinion it's even worse as it lulls the user into a false sense of security. My advice grab the free version of AVG, it's much better built than Norton and doesn't slow your whole system down.
The other applications in the pack are largely worthless, Adobe Reader, useful I suppose, but most people already have it, Picasa looks interesting, but Microsoft's upcoming photo manager will blow it out of the water. The rest is really just junk... Real Player? Generally regarded as the worse media player in history, and etc.
If this is all Google can muster, Microsoft must be laughing their heads off.