Has everyone heard of Google+ by now? You can check out the demo here. I was lucky enough to get my hands on an invite today, so I'm working on setting up my new profile.
From what I've explored so far, it's kind of cool. It's similar to facebook, but there are no ads and it implements all of google's features.
One of the things that I like is that it will show all of your +1's from around the web. It also has video chat and any time you upload a video or picture to Picasa, it will automatically attach it to your profile (if you want it to).
Another thing that I like is that you can set your preferences so that it will email for approval if someone wants to tag you in a picture or post. Facebook had that option years ago, but did away with it. That's the one thing I wish they'd bring back. I'm so glad that Google+ has this option. You can bypass it, of course, or allow specific groups to tag you without needing approval, but at least you have the option. It looks like you also have the ability to hide posts and block people, too.
I still have a lot of playing around to do with this new site, but so far, I like it! I do have some invites, so if anyone wants one, just let me know your email address!