It doesn't matter what happens now -- headlines saying that X is about to launch a Y killer have started. Any headline of the sort is a major jinx. I can't remember a single time when a headline like this was successful in predicting the future.
It's been said that Facebook is readying a Google killer -- I am looking forward to seeing that happen. Remember Wikia Search? The Google killer. Or Wolfram Alpha, the Google killer. Or perhaps Google Buzz, the Twitter killer, etc. I'm not saying it can't happen, just that it's unlikely.
What do you think? Is there really a chance that Google Me, whatever it is, could actually compete with Facebook? If they do launch a new social service, I'm willing to bet that there will probably be a privacy problem on Google's hands again.