It's still sent in plain text. Your browser doesn't do any hashing before sending your password to Google.
But you're right, as far as anybody but you and Google are concerned, it's encrypted.
But you're right, as far as anybody but you and Google are concerned, it's encrypted.
Edit: never mind the last parenthetical; it pretty much wouldn't help in a database leak at all (just adds one extra hashing step to the cracking process), sorry. Still helps for non-HTTPS logins though.
Edit 2: ... though maybe if the client-side hash were something strong like bcrypt, it would help in the case of database leaks on HTTPS sites that refuse to use strong hashing on the server side for performance reasons. Sorry for the rambly disorganized post.
This is not theoretical. This is what Tunisia did to Facebook and it's what online banking trojans (e.g. Zeus) do every day.