Came across this today. I guess this is a good move for everyone involved, sure Android is a strong brand now but Google is even stronger. Just too bad that here in Sweden sites called "Play" are extremely strongly tied to television on the internet. But then again, who really cares about 9M swedes..?
And no, it's not really seamless — at least not if you want to be up to date! I know we reference Android Market in help files, documentation and promotional material.. so.. time to go do a search-and-replace in all the Eclipse projects!