Google Instant was the search technology behind the Google Doodle made of bouncing balls. The predictive search technology is new and innovative in which the search box suggesting is extended beyond the search box.
Google, in its blog post says the "Search as you type," is a "simple and straightforward idea" in which, the results are displayed when people start typing.
Apart from other benefits, Google says that the new technology will save user’s time, that ranges from 2-5 second per search.
Note: I couldn’t test the feature myself as the it is not working here.