After getting burned personally on G Wave ("we plan lots of improvements, this will be great") I don't see any reason to hurry into this thing. I swear, it sounds like the same pattern as the wave and buzz events. It's a good thing the G has money to burn, given their track record on so many issues.
Do you use Google Chrome? I wanted to, but gave up when first could not even get print preview, and then after they offer it in beta can't get it to work. "We don't print, so you shouldn't care about this feature." Sounds like Microsoft talk to me.
It's worth reviewing Google+ because it's likely to be available publicly, at least for a while. It will take something that initiates a paradigm shift to unseat Facebook, but we shouldn't count out Google. Perhaps they learned from their ill-fated exercise with Orkut. Let's see if that's true.