This is the part that reminds me of FriendFeed. You can put up to 10 people in a “hangout” and do stuff together in real-time. It looks like a really cool way to chat (video or text), and you can even share a piece of content (like a YouTube video) and everyone in the hangout can watch it together. Perhaps it’ll be cheesy, but it has the potential to be pretty cool.
Here’s a video showing how Hangouts work: