Google working on a messaging application to take on iMessage and BBM?

Apple recently announced iOS 5 at the WWDC event which is the new version of iOS, which comes with more than 200 new features. One of the notable features is the iMessage. iMessage is built in the message application, and it allows you to share messages, photos, videos and few more things. It’s actually a rival of popular BlackBerry Messenger, which is an instant messaging app for BlackBerries. Analyst believe that iMessage is a very big challenge for BBM, and it will take it down in short time of period, but as we know that every tech war is not completed without Google, right? Apple iOS is Google’s Android biggest competitor, and the reason Android is existing is also iOS, as Nokia CEO Elop said Apple helped creating Android. According to a source near to Google is claiming that Google is working hard on their very own messaging application to challenge BBM and iMessage, says Wall Street Journal.
We don’t have any information about the name of the application, but words are on the street that the application could be a revamped and improved version of Google Gtalk. As instant messaging is getting popular, it’s actually faster and way better than sending text messages. So in few years, it will totally replace text messages.
If Google is making something like that, then it will hit Android and there is a possibility that it will hit other phones too i.e. iPhone etc. Nothing is set on stone at the moment, so just take it as a rumor. Anyway, are you looking forward to this?