What happens when Google competes with Facebook?

Google Me - a rumored social networking project by Google - looks like it is actually in the works:
http://techcrunch.com/2010/06/29/google-me-facebook/

Clearly Google sees the benefit of social networking integrated with its already wide variety of internet-based holdings, and I think I do too.  Although it's obviously going to take a while before it reaches the widespread popularity and universiality that Facebook has already achieved, Google Me has the already expansive Google network at its back.  Users of Gmail and Blogger will likely become the first participants, and with YouTube now owned by Google, there is a huge potential market of users and viewers.  Personally, I can't wait.