Gmail has released out Gmail Labs .Gmail Labs is a set of experimental features which has been introudced to test .These features are only for testing purposes so may break at any time or may may disappear temporarily or permanently. You may also send your feedback regarding this feature to Google. 
As other Google features, Gmail Labs is being slowly enpowered to the users.We were lucky enough to get through labs.If you have got labs then you will see some new set of Links on the Top.
Even if you have not got Labs you can activate it by visiting https://mail.google.com/mail/?labs=1 and then visiting https://mail.google.com/mail/?labs=1#settings to change your settings.
Here are the Set of New Features Introduced in Labs :-
- Gmail has a new look on the iPhone browser
- AIM Friends in Chat
- Colored labels
- Group chat
- New emoticons
- Free IMAP
- View PPT presentations automatically as SlideShows
- Increased attachment limit– 20 MB!
- Get mail from other accounts
You can read all the new features here.
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IMAP was already free along with POP for gmail users. But Labs is a nice new feature
I like the option to put the signature above the previous message when replying.
@Gaurav Lab is not a feature
its just an experimental thing and all those features in it which fit OK will become a part of GMail 
@Ben I like it too.But I am waiting for Gmail to support image signatures
Thanks kid.. We are happy that you wrote about us (Yup,Gmail lab is my company
)
hmm thts cool
currently it is in beta stage
yep u can even say it is in labs stage
lol @ lab stage.
I know lab is an experimental feature, and is used just to test the user response to features shown in Labs. But the IMAP , Icons in chat , colored labels and others were already present in the Gmail before Labs