I've been having a quick look at Google's Open Social... They really need to get better documentation so I'm not exactly sure about the fine detail. There are a few bits on developing widgets but nothing at all on hosting them which is a big chunk to be missing in my opinion. Maybe they are holding off publishing to stop a proliferation of social sites popping up and competing with their "launch partners"?
Some other random thoughts:
They have been quite clever calling it "Open" Social instead of "Google" Social but it still sounds like a lock-in to the Google gadget system.
The API is really about building widgets to host in existing social web sites - in all not that exciting. What I would prefer to see is a system that allows me to access my social data from anywhere in applications I write - e.g. my blog, Outlook and my phone...
[Edit: having read around a little, Dare Obasanjo says much the same thing but slightly more coherently.]
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Disclaimer The opinions expressed herein are my own personal opinions and do not represent my employer's view in any way.