To use the service, webmasters need to sign up and point your site’s DNS entry to Google. Page Speed Service fetches content from your servers, rewrites your pages by applying web performance best practices, and serves them to end users via Google's servers across the globe. Your users will continue to access your site just as they did before, only with faster load times. Now you don’t have to worry about concatenating CSS, compressing images, caching, gzipping resources or other web performance best practices.
Presumably the service will be offered without charge initially, then as a subscription service. See an example of test results here https://code.google.com/speed/pss/docs/tryit.html
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