When doing research on something like this, you often find yourself using a search engine to try and figure it out. While doing so, it's easy to look at rebang.com or blog.rebang.com and draw some mislead conclusions. For example, the website in question mentions 3D modeling, and the webmaster comments on an blog article by saying he thinks Google is working on something like "Second Life".
The man behind rebang.com, C. Sven Johnson, also comments on the new "/rebang" entry, and denies he is involved with Google in any way. Another interesting idea is that this could have something to do with a Google implementation of "Yahoo Pipes" -- who knows!
What are your guesses?
Haochi lets me know that "Re Bang" is Chinese for "Hot Ranking" -- in other words, this is going to be a Zeitgest for Google China. Thanks Haochi!