First, let me state up front: I don't trust Google. I think they track entirely too much data about their users, and I don't trust them to use it wisely or fairly enough of the time.
That said, I've had to move the hosting for my Open Source project, Power Time, from SourceForge to Google Code. SourceForge was just too unresponsive, and it took forever to simply add a release file. Google Code makes it much easier to release updates; so much so, that I didn't think I had a choice but to use the service.
Besides which, a Google search for "time management", "power time", "consultant billing", or related keywords didn't find my project. I'm hoping that'll change now that they're the hosting provider, and maybe I'll get a few more downloads (which might lead to more consulting gigs, eg more money for me).