Short presentation on Google Classroom that is due for release in September 2014. It has some similar features to Edmodo such as being able to deploy assignments electronically and enabling electronic submission. The teacher is able to grade and provide feedback to students electronically. I expect that the key benefit over Edmodo will probably be seamless integration with Google Apps.
When asked about the similarities with Edmodo, the response was that Google Classroom is not intended to be an LMS.