I completely agree. I feel like I keep linking to it, but I had these same thoughts during the Google+ roll out. It might be a strategic move, and even the most logical one. However, I do think that it locks Google into a future that they will not easily be able to divorce themselves from. IMHO this is how Google's future competition will arise and gain steam.
Just read your post, and it's spot on isn't it? You hit the nail on the head, and while it is a bold gamble, it's something they obviously feel is important. The thing I always notice about those guys is they are constantly experimenting, and if something doesn't work, they tweak until it does, even if it takes years. How long was Gmail in beta? Of course if it's clearly totally broken as Wave was, then it's back to the drawing board, but I wonder how much Wave technology is sitting behind G+ right now? :)
Yeah MK, I know what you mean. The company is known for taking big bold gambles though (who would want to pump that much money into driverless cars for goodness sake - heh) and people said they were absolutely mad when they bought YouTube for however much it was, but the company has always had A Plan, and even if they are forced to eat humble pie, they carry on with the plan elsewhere. You have to admire their focus if nothing else (cf Yahoo!). :)