Goodbye, Android Market, hello, Google Play. Just moments ago, Google let loose the re-branded Android content hub. What's new? Actually, not all that much (yet).
The change in name is largely an exercise in product consolidation. Google Books, Google Music, Google Movies, and the Android Market are all now under the "Google Play" banner, in an attempt to bring all of Google's content services to one place.
Aside from the UI refresh, there's really nothing new going on so far as we can tell. Google plans to roll out an updated version of the Market (Play) to Android 2.2+ devices in the coming days, as well as to discontinue the Market branding.