So you're saying that if people don't like Google Plus, they are going to stop clicking AdWords, move their email to Hotmail, and start using Yahoo for search? That seems very unlikely to me.
This is just a regular product launch. It gets a lot of hype because people like their friends but hate Facebook.
My point was that Google is putting a lot of effort into competing with Facebook, and that they're willing to use all their other products to succeed with Plus. Think about their bonuses being tied to social, Larry Page as the new CEO, the +1 button in the search results, the renaming of Blogger and Picasa, the redesign of Calender, Gmail etc., the new notification bar accross all Google sites... These aren't just regular product updates, but show how serious Google really is about getting into social, ie keeping facebook at bay.
At least the bonus structure for employees is tied to meeting the company goals on social: http://venturebeat.com/2011/04/08/larry-page-google-reorg/
So yes, Page has spun the ship's wheel... expect the boat to turn sharply.
I also think the hype you're talking about only happens in a very small group of geeks. The average guy on the street still hasn't heard of Google+, and until he has and is willing to try it out, Google will lose the social war. Convincing the fb masses to bother is an extremely difficult task, and Google will need all the hype it can get. Right know, I think they're doing exactly the right thing.