Free, unlimited storage of photos as large as 2048x2048 and videos under 15 in length is pretty awesome. This will be more than enough for most people.
@sebastian: The point of the circles is so that you can share information with only certain groups if you want. So you could be "friends" with acquaintances so that you can always have their contact information and share related information with your acquaintances only. Then you could share personal information with your Friends and Family circles that you wouldn't want your acquaintances to know. The only way you could do such a thing with Facebook is if you had a business Facebook account, and a separate account for friends and families, but having two completely different accounts is a pain and somewhat impractical. I'm sure the hangout feature is cool and all (I haven't tried it yet), but Circles is the Facebook killing feature for me.