Eldarerathis summarized it very well. To add some things: The 1.1 version was internally called Petit-four by Google, and that's how it all began. Google is installing a giant pastry on their lawn at Mountain View each time a new version is about to be launched. You can see pictures of that display at different stages here:

https://lh5.googleusercontent.com/-_fj468-OLGY/TFDnShiC5UI/AAAAAAAAeBk/navF07o8Rwk/s1024/697567251_img_7634.jpg

http://farm5.static.flickr.com/4030/4453391412_8ec6dfa2a8_o.jpg

http://www.technewsdaily.com/images/stories/gingerbread-man-101026-02.jpg