This is an open source project so the developers can tap in and develop it further. Some hosting services like www.DreamHost.com are already offering it as an add-on. I am not sure how much it impacts the speed but will give it a try on my WordPress builds and see. The best thing is that once it is installed on the Apache server it run tests and then get the server optimize the site automatically.
I shall share the speed results through YSlow soonish. Give it a try and share with others if it works for you. By the way that Google Senior Engineer below looks like the famous Sri Lankan cricket bowler Murli hehehe.
Page Speed, the Web Performance Tool
Now also an Apache module!
Page Speed is an open-source project started at Google to help developers
optimize their web pages by applying web performance best practices.
Page Speed started as an open-source Firefox/Firebug add-on and is now
deployed in third-party products such as
Show Slow and
Google Webmaster Tools.
The Page Speed extension runs performance tests based on a set of
best practices known to reduce page load time.
mod_pagespeed, the Apache module automatically optimizes resources
on a web page.