It will be interesting to see whether Google googleizes social networking (changing the entire genre to be more privacy respectful) or whether social networking facebookizes Google (changing Google to be less privacy respectful, just like Facebook).
Note that I don't believe Google is actually very much better than Facebook in privacy terms. Google keeps everything you do, forever; while Facebook tends to share everything you do, right now. Google does less immediate privacy damage but perhaps more in the long term? What happens when Google gets hacked and it's not just your username and password released, it's everything you've ever searched for and every website you ever visited that had a Doubleclick ad on it? Privacy tsunami, that's what.