Cloud SQL isn't a compatible reimplementation, it's the same vanilla MySQL that you know and love, but with a few tweaks (such as removal of SUPER privileges so you can't bork your backups, which is rather important as a managed service).
Second Generation instances should have better uptime than First Generation, as we now have live migration ala GCE if the host machine requires maintenance, and we can upgrade much of the infrastructure without restarting MySQL as we used to.
We do have failover capabilities for Second Generation instances if a zone goes down, so we're hoping between failover between zones and host migration we should have some really good uptime.