Finally I got a invitations and was able to get into the Google+ today. Having been trying to do this for last couple of days, was quite anxious on how it is and how it fairs against Facebook and twitter.
First, heres a first look of the account:
Most noticable thing, as soon as you login is that all your contacts from google aare directly visible in your account and you can directly put them in any of the circles that you like. Picasaweb photos can be imported.
Will update more shortly, after I have experimented a little more on this.