At present it only shows map-level images and not satellite imagery, which means that it isn’t right for mapofstrange.com (at least not yet). It’s definitely something I’m going to keep my eye on though…
It is incredibly easy to setup - there is even a wizard - http://gmaps-samples.googlecode.com/svn/trunk/simplewizard/makestaticmap.html. Just do a search for the location, choose the zoom level and the size of the map, and it generates the map for you. At the moment there is a maximum of 1000 page views per person (not per image or per key) per day, which is ample, but I expect that this will increase over time.
Here’s an example of it in action (click on it to open the map) -
Altogether, I think it’s an excellent addition to the Google Maps API - I only wish it would show satellite images as well!