I can only compare it to Stable Diffusion. But Imagen2 seems significant more advanced.
Try to do anything with text and SDxl. It's not easy and often messes up. I don't think you can get a clean logo with multiple text areas on sdxl.
Look at the prompt and image of the robin. That is mighty impressive.
dalle 3 gets things right most of the time
You can use Harrlogos XL to produce text with SDXL, although it's mostly limited to short captions and logos. The other way (controlnets) is more involved. (and is actually useful)
I wouldn't say this until we are able to try it for ourselves. As we know, Google is prone to severe cherry picking and deceptive marketing.
Overselling is not a winning strategy, especially when others are shipping genuinely good products.
Every time Google show off something new the first thing people now ask is what part Google faked (or extreme cherry picking).
Now, from a designer perspective, honestly, I don't care too much who's the provider of the image, since one will have to anyway work more on it. So designers, illustrators, etc are not the target for such platforms, even though it seems counter-intuitive. If you ask me which system was the source for an image used for a poster last 12 months... well, I may remember, but is not of a paramount importance to the end result. After an year of active usage of DALLE2/3, SDXL, Midjourney (which is also SD of some sort) I can confidently state that there is much more work to do and a lot of prompting, to actually get something unique and something worth being used. Sadly the time taken is proportionate to working with actual real artist. Of course - the latter is likely to be hit by this new innovation, but perhaps not so much.
From the perspective of s.o. integrating text-ot-image - which is yet to be seen in a reasonable manner, like for a quest game with generative images - the API flexibility and cost would be the most important qualifier. Even then it may actually be better to run SD/XL. From cost perspective - all these services are still very pricey to be used for anything more serious than few one-shot images.