In a couple of hours, Google Checkout (also known as Google Purchases, GBuy and Google Wallet) will go live. Until then Google has problems with the redirects and it shows some interesting errors, including a reference to a Google subdomain available only for Google employees: xlocal.google.com.
Google Checkout will be available at http://checkout.google.com.
Update: Google managed to update the personal account page for everyone. Google Checkout still redirects to this page.
Update 2: The name of the service will be Google Checkout. I updated the post with the new name.