It's a similar experience on the mobile phone, but you can't move down a street as seamlessly as on a desktop due to the lower connectivity rate. I'm on a 3G connection here, and it takes a few seconds for the image to load. So, I'd imagine an EDGE connection wouldn't be worth the trouble. Nonetheless, this is a neat and convenient way to get a visual idea of where you're going.
The walking directions have been on the desktop version of Google Maps for a few months now, and it's a no-brainer to include it on a cell phone. Informationweek writer Eric Zeman recently tested it, and had high praise.
This news comes as the company improved its My Location feature on Monday. This increased the accuracy of the location-awareness feature using cell towers. Can't really say how much this has improved, as I've yet to try it out, but I've heard good things. The app downloaded and installed with ease, but I was a bit disappointed that I couldn't use the touch screen. Ah, well, I'm sure there will be touch screen support in a future version. The app is available now on BlackBerry and most Java-capable devices at google.com/gmm or you can point your mobile browser directly to m.google.com/maps.
Oh, and here's Google's cheesy video explaining the new features: