It's certainly very slick, but it's a few years behind FB. I mean that not just in timing and network effects, but in the much more strategic sense of platform ambition. FB.com was the FB strategy 4 years ago. FB is now going for the rest of the web. It's reach and role as an identity provider and social infrastructure player makes it much more important (and harder to beat) than launching a cool new service. So hopefully the Google+ team is thinking WAY beyond this as a destination site when they are thinking Google Social Strategy.
So far the broad ranging announcements from the +1 button to Google Analytics adding Social bode well for this being a company wide, product wide refresh. The key to success will be in thinking about the need to compete with FB beyond the walls and products of Google.
The key to that, of course, will be to get deep adoption by major sites.
Update: Upon thinking about it a little more. Google has once again missed an opportunity to play to their strengths. With the document web they played the role of aggregator and algorithmic signal detection system. With the social web, their ideal strategy would be to build the ultimate social inbox. A place where I can navigate, consume AND interact with Facebook + Twitter + Foursquare + Quora +++ in one place.
Instead they created yet another content source.