Google states that the + One button will provide "Recommendations when you want them," and who can doubt the technological prowess of Google? This is definitely going to play a role in the social media space and I see no reason why Facebook will fear this at all. Competition is great for online users in my humble opinion. I see no reason why integration of some features cannot be shared!
This may be an awkward analogy but many consumers have multiple credit cards or memberships to save at multiple retailers. Facebook and Google are earning bundles of money, while serving the public, and one shouldn't have to file a lawsuit or be a stockholder to reap the benefits from these two amazing companies!
Here is the link to Google's + 1 Button.
To Your Success!
Note: I have added a link to the news story by David Berkowitz below. In this article he states that "The +1 listings must be different enough for users to care." You can read the full article below.