Google Buzz is a new online application from Google which is integrated into your Gmail account. It lets you share updates, photos, videos and more. It even has a Google Wave like feature of starting a conversation. As its integrated with your Gmail account all your friends you've already made contacts are present, so there is no need to setup anything, by default you follow all of them.
Unlike a lot of other online networks, Google Buzz gives you the option of sharing with the world or to a limited group of friends. The best part about Buzz is, it can be setup with other popular sites like Picasa, Google reader, Flicker and Twitter so people can keep up with all your activities on the web all at the same place. But its not compatible with Facebook and Myspace which is bad. Buzz places updates which matter you the most on top so you don't miss them and lets you share comments. Response are sent to your inbox and you can reply straight from there.
Although Buzz has a couple of good features there is nothing so special or new about it. Its kind of like a far better version of Yahoo Profiles, I would say. But it is as easy as logging into your gmail account , people may get used to it and it may just become popular over time. Only time will tell what the future holds for Google Buzz. For now its no competition to other networking giants though.