Google Image Search shows an animation below the search result's thumbnail while the original image is downloaded. As you probably noticed, Google first shows the thumbnail, which is already loaded as part of the search results page, then it replaces the thumbnail with the full-size image when you click a result.
Update: This is not a new feature. Thanks, +Sushubh Mittal.The animation is especially useful for large images, since you may have to wait a few seconds until the images are downloaded. Here's
an example and here's the animation: