Google using their @googlerealtime tweeted that "Google Realtime has a new look! Check it out and let us know what you think: http://www.google.com/realtime"
The new stuff seems to be what you see in the right column. The trend graph and date options previously showed right below the search box. Below those are two features: Top links and Top updates. Those appear to simply be the URLs and tweets that're most popular among Twitter users.