Google has just announced the name for their rumored new service. It's part of Gmail and called Google Buzz. And it'll be live TODAY by 2PM Eastern.

Used on a PC, Buzz reminds us of an RSS combined with all of your social networking—all within the existing Gmail infrastructure. Buzz's five key features include:

• Automatic friends lists (friends are added automatically who you have emailed them on Gmail)
• "Rich fast sharing" combines sources like Picasa and Twitter into a single feed, and it includes full-sized photo browsing
• Public and private sharing (swap between family and friends)
• Inbox integration (instead of emailing you with updates, like Facebook might, Buzz features emails that update dynamically with all Buzz thread content, like the photo viewer we mentioned above)
• "Recommended Buzz" puts friend-of-friend content into your stream, even if you're not acquainted. Recommendations learn over time with your feedback.

Of course, Buzz also works on mobiles. Google is slowly introducing those features now. Buzz works right from Google.com on Android and iPhone browsers, and it locates your position from a one button press. From here, Buzz can tailor your feed to their information on things like businesses and restaurants. More on mobile Buzz here.

Also, you can follow the latest updates in our Google Buzz liveblog, going on now.