It takes maybe 30 minutes to fill out, but the O(days) approval latency is what absolutely killed me. No way to do impromptu commits to random non-Google-license-approved projects, no way to hack together something with friends over a beer, no way to quickly bash together a proof of concept and release it the same evening.
It might work for people who chisel away at their own long-term one-person pet projects, but breaks down if you're used to quickly hacking away collaboratively in various groups. Especially if you're an active member of a hackerspace.
[1] you fill a form with the general idea description, you explain succinctly why it doesn't compete to any Google product, and you acknowledge you won't use Google time and resources to develop it. Then a committee reviews it and in ~1 week you get your approval or request for more details.