With the launch of Google Buzz recently, the social mediasphere has been tweeting, updating and announcing their thoughts and ideas on Google Buzz.  Is Google Buzz it a Facebook or Twitter Killer?  Probably not, but they should be worried.  Google Buzz is not a variation of either, but rather a new dynamic in how we follow and meet people.  For the unitiated, Google Buzz allows you to "Share updates, photos, videos, and more. Start conversations about the things you find interesting."  Though the official explanation seems rather uninteresting, the real goods are in the details:

1. Updates are tied to your location.  Though this feature can be turned off on your mobile device, half the fun is seeing what people down the street from you are saying.  At first glance, you might wonder "who cares?", but this can be a very useful utility to have.  If you've ever walked by a large crowd of people where there shouldn't be one - fire up Buzz on your iPhone or Android phone, and immediately find out what people a few hundred yards from you are talking about.  In cases of events, conferences, emergencies, or just out of the ordinary things happening, you can find out faster.
2. Getting to know your neighbour.  A common observation of the Internet is that it helps relationships flourish across continents, while keeping us indoors and oblivious to the people we live next to.  Google Buzz helps shrink the social web to your geographic location - you can now more easily get to know your neighbours and quickly discover what you do have in common.  If you live in an a densely populated area, how else would you find out that of 300 people who live and sleep near you, five of them actually spend the same amount of time playing MW2 online as you do.
3. Start a discussion.  One of the biggest dynamics 'missing' from Twitter is the inability to have meaningful discussions.  Where Twitter is designed to broadcast from one-to-many, Google Buzz is perfectly equipped for many-to-many discussions.  Paired with the <private/group> feature, organizing things with others has just gotten a whole lot easier.
4. Share with easily embedded videos, images and content.  No more having to flip back and forth to image hosting sites, url shorteners or other - it's all done from one interface.
5. Integration with Google Reader.  For anyone who's used Google Reader's sharing functions, Google Buzz will seem familiar.  Google Reader allows for sharing of articles from your Google Reader RSS feeds, while Google Buzz takes this dynamic further and adds the ability to share simple comments (without articles).
6. De-cluttering.  With the oh-so-simple function of tagging an item as like/dislike, you can train your own Buzz feed to filter out the noise and clutter that's common with Twitter and Facebook.  You now have an easier way to avoid the "Social Media Gurus" from making you their zillionth follower.
7. Auto-follow is a function that automatically lets people follow you based on the existing relationship you have with them via E-Mail.  No more need to scan your address book and manually add people.
8. No 140 character limit.  Welcome back proper spelling, we've missed you!
9. Google Buzz is straight to the point.  If you're into gifting teacups, or building a farm empire, Google Buzz is not for you.
10. The potential for business, and in particular, business improvement areas (or malls), is quite large.  Easily find out what people might be saying when they're in your business or local shopping district.  Though this was somewhat of a feature of Twitter, there was always the limitation of language.  If someone broadcast something like "the service at this McDonald's sucks", there wouldn't be much practical information for McDonald's to go on. With Google Buzz, the same message can be pinpointed to the specific McDonald's franchise in question.
11. Integration with Gmail just makes things easier.  One less site to go visit, and one less account to setup.

Ultimately, people will still compare Google Buzz to Twitter and Facebook, just as they compare the iPad to a netbook.  While some features may have similarities, other features simply don't compare.  Though the three will co-exist for some time, it appears that Google Buzz has more utility which, once the novelty wears off, will keep the service strong and useful.