Google is already a registrar and buying godaddy will be a fault and people will begin to tell google is becoming a monopoly.
I highly doubt Bob (Parsons) would allow that to happen (the owner of GoDaddy). Check out his blog on his website (just type in his name) and you can see if there is anything there but I would HIGHLY doubt it.
How will it not effect us. One, for domainers, it will have a database of who we are and what sites we own. I wouldn't be surprised if google is looking to get the upper hand on abusers. two, google will find a way to use that info to show more ads or some other offer that will make them more money. You should check their financial stats on yahoo, last quarter they made 2.3 billion dollars. About 60% of that was from adsense/adwords in the US alone. And, each quarter they make more money, all off of our data. What started out as a search engine set to "do no evil" has backtracked, took our own written content into their hands and decided to start making money from it. You write the content and google gets paid. How dumb is that? We are so conditioned to it we don't even think it is "bad". Wake up webmasters and the like!