It appears that Google Base is an extension of Google's existing content collection efforts such as our traditional web crawl system – as well as Google Sitemaps, Google Print and Google Video – all which enable content owners to easily make their information searchable via Google. According to Google "the goal of Google Base is to improve the overall quality and breadth of Google Search results by collecting even more information about a wider diversity of content".
There's not much in there yet but I'd highly recommend checking out Google Base at http://base.google.com/ and become familiar with how it all works. If you sell a product or service then this free tool stands to be a fantasitc addition to your marketing arsenal.
I also found this great article on Google Base by Search Engine Watch editor Danny Sullivan at http://searchenginewatch.com/searchday/article.php/3564506 in which he points out some of the problems he sees with this new service. I would suggest reading but I would also suggest that when doing so we should all keep in mind that Google Base is still in Beta and I would venture a lot of changes are still to come.