I want them both. And a blog. And something like Twitter but with better ability to follow a conversation (something like the way identi.ca works).

I have only briefly played with Google+, but with some tweaks and some enhancements to the publishing aspect of one's outgoing stream of posts and some way to follow subsets of people's public posts (maybe integrate with Blogger?), I think they could make a serious run at ALL current services that are based on organizing and presenting user-generated content.

That would be a very ambitious project, though. I wonder if Google has the cojones for something that big?