Google’s Marissa Mayer over on Official Google Blog clears the air about the current AOL-Google deal, what it means to them and to AOL.

There will be no banner ads on the Google homepage or web search results pages. There will not be crazy, flashy, graphical doodads flying and popping up all over the Google site. Ever.

AOL will receive a credit towards advertising purchased through Google’s ad program. You might wonder if this will affect the ad auction. It won’t. We don’t offer preferential treatment on advertising (in either the auction or the display) to any of our partners.

Kinda what I suspected, but I wish they would give more details on the IM and Video efforts. Will MM oblige?