Had Einstein followed the Bianchi differential identity for the derivation of his equation of motion for gravitation, 𝛬 would have emerged as a true new constant of spacetime on the same footing as the velocity of light? It is then conceivable that he could have perhaps made the most profound prediction that the Universe may suffer accelerated expansion some time in the future! Further we argue that its identification with the quantum vacuum energy is not valid as it should have to be accounted for like the gravitational field energy by enlarging the basic framework of spacetime and not through a stress tensor. The acceleration of the expansion of the Universe may indeed be measuring its value for the first time observationally.