Google Squared works much the same way a regular Google search would, but the results are displayed in tabular formation. It's good for comparing items side by side.
For example, a search for "lcd television" or will list products, description, price, etc. in a table. You can delete whole rows or columns by clicking the "x" in the desired section.
Sample screenshot:
You can also add values - in the form of new columns - to your search results. For instance, the search "tallest buildings" returns by default values for Item Name, Image, Description, Status, Architect and Location. By clicking in the "add columns" field, you can add a new value such as "height ft/m." (As you type, the auto-suggest function is engaged for ideas)
As it is still being tested in Google Labs, there are some limitations. I tried a search for "super bowl" and the first thing that I noticed is that the results are not in numerical order. Though values can be added or deleted, they cannot be clicked to change the sorting of results. I added the values "mvp" and "winning team" and got mixed results. While most MVPs were listed, only a small minority of winning teams made the results list.
Still, it's another way to gather facts from the Internet - it might be worth taking a look at just to try it out.
Go to the Official Google Blog to read more, get sample search suggestions and watch the demo video.