Redesigned Gmail 5.0 APK is available if you want to update before it drops in Google Play
The Gmail app will now support Exchange Active Sync, and will also operate as an email client to grab your messages from Yahoo!, AOL, Outlook, or other POP3/IMAP accessible services. Ultimately, this will allow the Gmail app to be your one-stop-shop for all your accounts (Inbox not withstanding). For those running stock Android, that would eliminate the necessity to use the stock email client, which, up to now, mirrors the Gmail app in form and function.
If you want to update Gmail right away, click on the first source link where they have set up a couple mirror sites to get the APK. If you want to integrate Exchange support, be sure to download both APKs.
sources: Android Police via AnandTech