I did note in my edit that while the main drop down is a hover I still consider it a click since there's no such thing as a "hover" on a tablet interface (only long-press which is effectively a click). But if you're hung up on terminology please substitute the words "discrete action" for "click" and my criticism still stands.
Getting to the "More" apps currently is two clicks (three if you want "Even More"). A hover-over will work one of two ways:
1. It will pop up instantly whenever you mouse over (which can become exceedingly annoying if you happen to accidentally mouse over that area not intending to open the menu, or
2. It will have a delay in which case the hover delay is like a click though you don't have to move your finger, only your hand, pause, move, pause, (and so forth). Your brain thinks of it as steps: "move, wait, move, click" instead of "move, click"
I'm doubtful of the usefulness of the intuitiveness of the integrated context-aware search. It doesn't work as I expect on my Android phone so I'm leery it will work as I expect in my browser. What was wrong with a search box in Gmail again? Taking up too much precious space? Bollocks!
Lastly you presume I didn't watch or read. True I didn't watch (because I hate having to learn key features from a 3, 5, or 10 minute video when a simple bullet list would suffice or a few paragraphs of text), but I did read the sparse page and even followed the link to the help which didn't have much more but was a bit more detailed.
Mostly I don't care what Google does with their stuff, but their trend lately of moving toward the Appleverse
of simplicity and the Facebookian
approach to rolling out new features without giving users an ability to opt out or customize their account is a disturbing trend to say the least.