It will be hard for Google+ to compete because Facebook is already established, they can just clone the best features from Google+ and brand them their own.. Only a major major event would make Google+ take over the social media market.
I think both are effective. They have their own unique features which all help greatly when it comes to social networking and even business promotion. For now, Facebook is leading and will always stay on top. I'm sure Google+ will rank on top too together with FB.
I dont like Google plus, still am using Facebook. Google plus need some more features and improvement.