Here is some of what Search Engine Land says about the button:
The button looks and acts, of course, much like the existing social buttons that you see regularly on all kinds of websites — but make no mistake that this is Google’s most direct attempt yet to compete with Facebook’s nearly ubiquitous “Like” button, which has practically become the default way we share content online. Google has repeatedly said that it would like access to Facebook’s data to improve search results, but the two sides have been unable to work out anything along those lines.The button will also affect search ranking in ways that are not totally clear. See this article, Google +1 Button: 31 Things You Should Know, for 31 more details about the button.
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