Currently, the Google bar has links to various Google services and a notifications and sharing corner for users of Google+. The new menu will be a major step away from the traditional Google interface.
The new Google menu will be a drop-down from the Google logo on any Google online product that you use. It will contain links to various services and will also sport a Google+ sharing drop-down for G+ users.
The only feature I hope that Google will implement is an option to customize the list of products that appear in the menu. The non-customizable header bar was a severe limitation for me.
[via Official Google Blog]