Would you, really? I think that Google has to do something to get into the ring on this one. Facebook bought Beluga. Google's just gonna stand by and do nothing?
They're not "doing nothing", they're letting a small team try to develop something, which seems a perfectly appropriate reaction. How often has Google jumped into a totally new category with any real conviction? They half-heartedly launched Buzz long after Twitter was a hit, they killed Wave, etc.