Google announced three new features in Calendar Labs, and they can be found under Labs tab under Calender settings. The features are
1. Event flair
This will allow you to choose an icon from a collection of 40 icons.
2. Gentle reminders
Turn on "Gentle Reminders," and when you get a notification, the title of your Calendar window or tab will start blinking and the event details will stay in Calendar.
If you're using this lab in a supported browser (currently Google Chrome for Windows and Google Chrome beta for Linux), you'll also have the option to get your reminders in the next generation of floating desktop notifications:
3. Automatically declining events
This will allow you to decline the events others setup when you are not available
Now there's a way to automatically decline events when you're not around. Turn on "Automatically declining events," block off times when you're unavailable, and event invitations during this period will get automatically declined.