The subreddits r/deepdream and r/deepdreaming are home to a community of fans of the resulting imagery. Not all of it is horrible: I'm fond of this one posted by MethodOverDrive, suggestive of a) DMT at Battersea Dogs' Home and b) the next craze in "Magic Eye"-style coffee table psychedelia.
Some of the results are quite painterly and subtle, a gentle trip down other people's memory lanes:
But of course most of us are in it for the ironic Deep Dreaming horror, as exemplified in this incredible GIF doing the rounds.
The eyes 'n' tentacles imagery is due to the default material coded into Google's new software. Expect future developments to add more comforting source material, such as suppurating lamprey mouths and spider legs.