This is quite ironic that this news surfaced this week. Just last week I was researching where to start learning to program to create apps, found out that I was looking at a long and hard road, starting with learning Java.
I am still going to pursue my education in programming, but having this capability become available right now is really cool. I can (hopefully) start making my own (cr)apps right away.
The one thing that I have not seen mentioned yet about the app inventor is whether or not it will also include tools for implementing ads into the apps (this is very important). Even if I can make a few cool simple apps with this, I want them to be free in the market and still provide a way for me to make money from them through ads....
I am a graphic designer with just a little bit of web programming knowledge, so I am thinking that I would love to tinker around with this for the sake of creating really nice UI's in my apps.... Though instinct tells me that if you want a really great, unique, functional app, you are still going to need programming knowledge... As mentioned by others, the WYSIWYG web design tools made it easy for someone to throw together a crap website in 5 minutes, but we all know that if you want something truly unique, and functional, you will need to know how to make the software do what you want with lines of code.... no easy way around this, just hard work.
I am still very excited to see what comes of this, seems like a really great move on Google's part!