Marco Arment:
The network effect is extremely high in social networks. It’s absolutely a boil-the-ocean problem. For Google+ to be useful to you, most of your “friends” (in some context) need to be using it on a regular basis. And most people won’t use more than one social network regularly.
To get widespread adoption, therefore, this needs to take a lot of users away from Facebook, and quickly. Google+’s specific features are far less relevant until after (and if) it gets widespread use and competes strongly with Facebook.
So instead of analyzing the specific features, let’s ask that big question: Will a lot of people use Google+ instead of Facebook?
In all this buzz about the Google+ Project, this is one of the most intelligent observations I’ve read so far. I really agree with Marco’s take on the matter.