I think Google has big plans for leveraging the popularity of social media, but their first stab at it appears to be pretty modest.  The new Google Buzz tool, accessible from within your Gmail account, allows you to automatically change your status using integration with outside networks like Twitter, and also allows you to tap into the people you regularly email if they have Gmail accounts.

I’m sure they long term plan is to integrate Google Wave and their VOIP system into the mix as well, but for now it doesn’t appear that Facebook will be overtaken immediately.

If you have a Gmail account, check out Buzz.  It’s the icon right under your inbox link on the far left of your account.