Looks good, I guess. Otherwise, it does not seem to do anything Facebook can't do. If it gets enough traction, it's just another Google service I get to use, if it does not, well, I can easily ignore like I do with Buzz and Google Profiles. Ah, yes, yet another sound idea from Google that didn't get enough attention.
Thing is, I'm pretty ambivalent towards social networks. To me it's just another tool to stay in touch with friends, just like forums, IRC and instant messaging continue to be. But everyone insists on treating it like the next big thing despite being clear that there's no game changer here, with profound effects for the evolution of society at large, it's just another addition to a digital toolbox. I often wonder if the people building these things are so crazy about them as the diggerati always are, and if their experience or even their social life match the experience they're trying to market.