The clock is ticking to download as much as possible by the 29th of April — before Google throws the switch. Thereafter, Archive.Org has assigned a 140TB buffer for uploads into its 1 petabyte of storage space to house the preserved content. After the cutoff, downloaders can offload their content at their leisure.
The team from around the world, spearheaded and coordinated by Jason Scott, has been working solidly and altruistically. No selection criteria have been applied to the content; the idea is to preserve everything, if possible; however various team members have been working on collating word lists for searches: by concept, year, country etc. In this way they have a growing master list of some 2449000 unique video ID's to be processed of which around 15% are already saved.
You can help out. Please visit the wiki and the #googlegrape irc channel on EFNET, download the scripts and donate a little bandwidth and storage to preserve as much as possible before the cutoff date. There is less than a week left.