I'd say it almost does this. But there are enough fit and finish issues (like, a few orders of magnitude beyond Siri's supposedly showstopping "occasional internet timeouts when in spotty network coverage") to make it functionally useless.

Just initiating the voice commands is a pretty telling comparison.

iPhone: hold down ergonomically placed home button until it beeps, say what you want (eg "directions home"). Siri waits a well-timed beat and launches maps.

Android: press unlock button (semi-awkwardly placed on upper right corner), do weird home button motion only used to launch Google now (drag the soft "home" button up). Say "OK Google" to initiate voice detection, say what you want. Then there's a poorly calibrated lag to make sure Now is doing what you want, a hair over 5 seconds maybe.

Then there are weird fit/finish issues. Android seems to do weird things when headphones w/ a mic are connected, so it takes several seconds longer to be able to say "OK Google" after launching. If you use headphones a lot, it's basically a dealbreaker. And I find a lot of fit and finish issues when Google actually performs the action.

I'd be curious to try the Moto X to see if its "always listening" mode mitigates some of these issues.

tl;dr Now is great as a morning homepage, but an abysmal failure as a Siri-like assistant