Have a look at their what's new page: http://www.google.com/support/profiles/bin/static.py?hl=en... - mostly rather small tweaks, nothing yet that improves their circles concept (e.g. allow us to define which circles show up in our default feed).
Also, with regard to their new product 'huddles'; why haven't they integrated this with google talk? A lot of my friends use google talk, practically none of them use huddles. So instead of improving the groupchat on google talk (and maybe just release an iphone app already!) they roll out this new product that locks out desktop users. Anyone care to explain to me why they might have gone this route?