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>One thing, however, is potentially problematic. Facebook requires bilateral agreement between the two parties before there is a live feed. I don't believe that's true with google+, if I put you in my circle you will see what I share with that circle unless you consciously opt-out. This, I think, has potential for abuse.
AFAIK, that is only the case with your 'incoming' stream, which you will only see if you click on it. It seems by default that you don't see this activity in your stream.