Ehh,i'd hold off.All it seems to be is a download manager.
The only thing new,seems new,never heard of the video player or the screensaver.
I ran Url Snooper in the background and caught the direct links

Screensaver
http://gpdl.google.com/GP_screensaver_installer-5.exe
Video Player-weighs in at about 4 and half MB,so i think it's a different video player.
http://gpdl.google.com/GoogleVideoPlayerSetup_signed-2.exe
I'm off to give it a try.
One last bit,the downloader want BITS (background intellegence transfer service) to run in the background.
No thanks.