The nymwars was a prominent example, of course, and even the resulting promise of pseudonymity features have yet to surface, while Pages for brands are now live.
The lack of an outward facing platform of APIs is also concerning. I continue to hope that the Plus project is the beginning of a way to implement social features into the web itself. I hope that Google doesn't forget that as the web gets better, Google gets better, and as people use the web more, people use Google more.