Your Google profile (the one that already exists) is only fully visible to people who are logged into their google account and are in the contact group you assigned as having full access. Probably good enough for most.
At this point though, the press release looks a lot more like integration of existing properties...
Contact list upgrades that link Picasa data, and "status updates" (perhaps including photo updates and whatnot). Maybe they'll add personal Google Groups (basically Facebook's wall).
Which if you really get down to it... is Facebook with and Adwords instead of app spam (which I would prefer any day).
Personally, I think that Google's properties are far away better than most, but they have never integrated on any useful level. Hopefully this will change that.