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While Google is still not providing exact numbers for search volumes, what you can see is a graphical relationship between search terms which gives you an idea of the number of searches over a set period, for a set region on a scale of 1-100.
View a full sized version of the Google Insights Graph
For example, "seo" has an average volume of "64" over the last 90 days in the UK in relation to "search engine optimisation" which has a volume of "7" which means that "SEO" is a vastly more popular term.
The Google Insights tool also provides a regional map showing how searches vary by area so you can target specific terms to specific regions.
View the full size Google Insights Regional Map
Finally, if the search volume is high enough, you get a list of related keywords and "rising searches" or search terms which are growing in popularity. This is great for identifying ways in which customers search for products and services and getting new ideas for keywords.
View the full size Google Insights Related Searches
For those of us based in the UK servicing UK-specific or locally-based clients, this tool could reduce the effort and time that goes into keyword research as the traditional SEO keyword tools tend to contain mostly U.S.-specific or worldwide data. Finally being able to get an idea of the most popular keywords not just by country, but by region as well should be an invaluable resource.