There is an article on http://searchengineland.com/yes-google-is-testing-infinite-scroll-web-results-89659 today that Google has confirmed that they are indeed testing a form of infinite scroll web search results.
I have not seen this feature live on Google as yet but, if this feature goes live then I think it is going to be a quality improvement on the search results page.
It will be win-win situation for all, the user, the website owner, the search engines and SEOs.
The User Perspective:
If the scrolling is fast and easy then then user will surely scroll for more for a wider range of search results before taking a decision.
Website Owner Perspective:
The website owner will be less obsessed for getting his website ranked on Page 1 and focus more on quality aspects of the website.
The SEO Perspective:
The statement “SEO Is Beyond SERPs” will get its true meaning and SEO discussions will be beyond Page 1 rankings finally. Making the site stand out with a perfect title and description will be the main focus for getting a high CTR for the site.
The Search Engine Perspective:
The search results page will get a quality and meaningful update and will add more speed to the search activity. The user will be able to search more in less time. The search results page will become truly mobile friendly.
Overall it is going to be a smart move by Google if this gets finalized as I do not think there can be any reason why the user will reject such a development on the search page. After Google Instant this infinite scrolling feature will add the instant factor to the whole search process when searched from the desktop, tablet or mobile.
Hope Google makes the Infinite Sroll Web Results feature go live instantly.