I'm looking for a new job, and strangely, Google's base is about 10% lower than the base from my other offers (Apple, Facebook, Zynga, LinkedIn), rather than 10% higher.
Also, to add my own datapoint: I'm four years out from undergrad at an elite school, and Google offered me $120k base and 500 stock units over four years. My recruiter said that given the way annual bonuses work (15% bonus if you perform average, all the way up to 15% * 3.5 = 52.5% if you're extraordinary), I should haven't have much trouble getting about a 30%-35% bonus. So my expected annual salary from base, stock, and bonuses is about $120k + 125 stock units * $600 (which is what Google is currently trading at) + 30% * $120k = $231,000.
If I'd joined Google right out of school, I expect this would be even higher, since I would have received the 10% raise last year (and also, I've made a series of poor career decisions to join no-name startups that I think have kept my current base salary lower than normal and made me a little less desirable). Pure speculation, though.