(hehe it rhymed!)
I've already written my initial reaction over at Socialized! where I spoke about the basics like Circles, Sparks and Google Search Power.
I also made some early predictions about where I see it all going. This week on twitter I participated in a #GPlusDebate. I would say its a tad early to be making any crazy predicitons but to sum it up I would say that the overall functionality, freshness and quality of content on G+ is drawing a big crowd. Do I think that Facebook and/or Twitter will die? Nope.
I think there's room for all to play and expect that Facebook will certainly still be huge for brands, 55+ generation, typical family/friends sharing and also small business.
Jason Falls from Social Media Explorer said it better than I ever could so check out his blog: Reality To Soon Set In On Google+