Google+ is the ultimate social network for heavy gmail users. If you are a gmail user, then having your social network drop down right from the top and let you interact is a huge plus. I would expect most heavy gmail users to strongly consider dropping Twitter and Facebook, since this gives you better tools, faster access, and a more solid experience and allows you to jettison keeping up with two sites. I would expect this also will be a strong motivation if you are a user who wants web-only apps, and is not a heavy user of third-party apps or aggregators.
But it is apparent that Google+ is a lot more than just the social network. In fact, I would argue that with Google+, the concept of the "social network" as a business model is close to extinction for Facebook and Twitter. This is because the facebook and twitter ecosystems have a fundamental weakness. Third party-development of apps for facebook and twitter do not include things like Google Docs or any of the many apps in the Google Apps store. While facebook is strong in the games area, I would not expect that to be a sustainable beachhead against Google+.
Google+ finally gives some "social"-style organization to Google profiles of people you are interested in. As opposed to the contacts you managed for your email or your google voice. Integration with this is not yet there. But for users of the Google "OS", when it gets there, this is going to be more compelling. Obviously right now it doesn't have the "corporate" features of Facebook or twitter where identity is a lot more malleable. But it's on the near horizon already.
Google Picasa/Photos/whatever is going to get a huge boost from Google+, as people seem to be posting a LOT of photos on Google+ - and posting them and managing them is much faster and easier than on Facebook (and certainly a lot easier than twitter, since it's in one integrated place, not a third-party service like twitpic).
Adding in the nascent Google Music and as-yet unlinked Google Docs and Google Reader, and we are starting to a see a very mature new model for an "operating system" which is web-native. Not a pretend-faux-desktop, but an operating system which supports the fundamental operations which people want to perform. It's very goal-oriented: find, organize, create, share, collaborate, communicate.
In many ways, the existing desktop OSes are too general-purpose. There will always be a place for traditional OSes, but we are already seeing them commoditized and disappearing to the point of nearly irrelevance. This new web-version is completely app-centric.
Facebook doesn't have enough components to really provide that. And its messaging is pretty paltry compared to the richness of Google Mail/Google Voice/Google Chat, which can only get more integrated in the future. I find it hard to see Facebook being able to move on the apps or messaging.
Twitter's simplicity can help it survive, but for conversations (invented by Twitter users, not Twitter, Inc. - using the @ sign to reply to people), Google+ is already superior. Google+ doesn't yet have hashtags or trending (which is hard to imagine being far off the radar), but it does already appear to have good user suggestions.
Google has also expressed an interest in federated social networks, but it will be hard to see what networks will be worth federating with if facebook can't keep up in the apps area.
On the extreme flip side, for non-gmail users, the system is not nearly as compelling. It will be very interesting to see what happens to the user population. Will the gmail users have enough momentum to convert users to Google+? If gmail offers more tools to make it easier for people, it's certainly possible. People have trouble with gmail's relatively simple "label" system - it will be a challenge to see if gmail can become more enticing. Google will need to make it easier for Google accounts which are non-gmail to work and also need to improve their search (which is already dominant) to make Google+ more compelling to potential new Google+ users.
If Google+ can make inroads with non-gmail users, I expect we're going to see a rapid decline for Twitter and a less rapid, yet inevitable decline for Facebook. Interestingly, this development from Google appears to be the result of a concerted inhouse process, as opposed to things they have purchased in the past like YouTube or Picasa, and obviously they've bet a lot on this. If it pans out, I think they've hit on a sweet spot and are going to be unbelievably successful.
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