Orkut failed to gain a following in North America, Wave came in like the Segway and went out like... the Segway, and Buzz was an, excuse the term, epic failure.
Now for something you'll really like!
Marshall Kirkpatrick at Read Write Web:
If what we've heard is correct, the service will offer photo, video and status message sharing. Everything users share on Circles will be shared only with the most appropriate circle of social contacts in their lives, not with all your contacts in bulk.
This actually sounds pretty cool. I barely use Facebook because of this very issue, and a virtual social network that more closely mimics my real social network would be infinitely more useful.
Ironically, the man behind the idea left for Facebook.
Update: Liz Gannes at All Things D is now reporting that Google denies that they are developing any new social networking product. Shame, I think it's a great idea.
Thanks to Marshall Kirkpatrick for the update.