The significance of having a tool available online is that the end user does not need to install it on his system for using it i.e. one can just open the web page of the tool and straightaway start using it.

Until now, web masters or website owners have been testing their website's performance using the 'Page Speed' add-on available for Mozilla and Google Chrome. The wait is now almost over for a tool thats available online and is accessible from anywhere without installation.
The benefit of online utility is that it is not tied to any specific browser i.e. can be run in any browser without any download or installation. The 'Page Speed' add-ons/extensions available for Mozilla Firefox and Chrome are tightly coupled with the browsers and cannot be installed ir used with any other browsers like Internet Explorer or Opera.

Google labs is testing a Page Speed utility and is available for use in its testing phase here.



Here is the result when I tested the Page load speed of am22tech.com:

The test quickly points to some issues that the site has and i need to work on them to make the page load faster!! The results are given on the left hand pane in the decreasing order of their usefulness i.e. the issues which if resolved can increase the page load speed by a good margin are given in red colored bullet followed by orange and green ones.

For example: In our case, making use of 'Browser Caching' is suggested as one of the highest priority task to improve page load speed.