Called "Smart Rescheduler," the new technology is available in Google Calendar Labs — a similar service to Gmail Labs. It automatically searches for the best time to schedule or reschedule a meeting by checking all participants' availability. To use the feature, enable it in Labs, and then select your meeting parameters from the dropdown menu. Set lengths for your meeting, and a time and date range. Then search for available times. The tool shows you times when all attendees are free, and a few alternate times when there are a limited number of conflicts. Select a time, and the meeting is scheduled easily around all participants' availabilities. Calendar success!
I use Google Calendar all the time, both to manage my own schedule and to plan events with family and friends.