One benefit of a single hosting domain is that chances increase that your visitors already cached this file from visiting another site before, meaning there won't be a delay displaying that font on your own page. If the font is not cached yet, different browsers show different loading behavior (and keep in mind Google's font server may go down).
What's in it for Google? As a guess, generally, whenever they help make the web better, they strengthen their main platform. Besides, they may also want to use this technology for their own apps, and if other sites use it too then their own apps could load faster (because the font may already be cached). I think it's a nice new choice for webmasters.
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