not sure if you're being serious, but no, google labs was a bunch of experimental projects run by normal google software engineers. this is an entirely separate thing.
partially a joke and partially just hopeful, yes. to explain myself, Google seems to have attempted to appease investors by focusing on their core money making products, while still maintaining their commitment to innovation with spinoffs like this. so it's the best of both worlds for Google and for us in this case. now if we could only find Google Code Search, Google Labs, and the old design of Google Reader somewhere in there too....