Not quite: projects written by Googlers have the 'Google' label, which is unusable by normals.
Official Google products are not hosted as normal 'projects': the URLs are code.google.com/product or code.google.com/apis/product instead of code.google.com/p/project.
I would like to think that Google Code really should not call out whether a project is an official Google project. Ideally all open source projects would live and die on their own merits.
1. It's hard to tell which projects are official Google projects and which aren't.
2. The total lack of real names is disturbing to me. e.g. look at http://code.google.com/u/imsnah/ -- it's completely useless.