I've been waiting for Cloud Postgres as well and wish I could have used it on my most recent project. I was told last month by a "Cloud Specialist" that they were targeting early Q2 of this year to leave beta, but I'll believe it when I see it.

I also find it frustrating that they don't have more turnkey services. In particular, search. It's ironic that Google's doesn't offer a search service (except if you use App Engine).