Google+ Project Aims To Be The End-All Social Networking Service
It'll contain profiles, circles, sparks, photos, hangouts, sparks, and who knows what else. Basically, this is a monumental effort to coordinate your Google contacts (and beyond) and place them into silos where you only share certain content with certain silos. It's great in theory, but we can hear the privacy advocates breaking down the walls in Mountain View already.
Google claims that this is "real-life sharing," better known as "rethought for the web." It's actually pretty tough to explain in words. Even Google recommends just watching the video below for the full explanation, so we will as well. Look for public invites to go out sooner rather than later, if we had to guess.