Its good.
Pros:
1. It has a clear cut privacy and sharing policy that google inform you of instead of trying to slip stuff by you.
2. You still own content on the site.
3. Circles help when you want to share a link or a post with specific people rather than everyone.
4. It feels more streamlined and less full of useless ads and games.
5. You can choose to follow people or friend them.
6. The +1 feature is handy. I'd compare it to stumbleupon.
7. Video chatting/regular chat is simple and it doesn't
pop up in your face the whole time.
Cons
1. Less people there at the moment(Could be a pro depending on who you know

)
2. Hard enough to share a link or talk with one specific person.
3. Haven't implemented events yet.
4. No apps. This can swing either way tbh.
Overall a good service with new ideas that show more promise than anything else out there.
Also don't forget it is still in very early beta.