Given I've not been able to invite hardly any of my friends, I haven't really gotten to make much use of it. I think, for me at least, this is a mediocre entree to the platform, since my first impression is that it has almost no utility, they really should have just opened it up to everyone so I could quickly have my FB buddies on here and be having fun and socializing.
I go back and forth on this. On one hand Google of all companies should have no problem scaling a new service up to a huge number of users, and quickly.
But I think the real issue is they want to tease out problems early, with people who are likely to be a bit more forgiving. I've been using G+ for almost a week now, and I've heard of a few bugs that were easy to fix with a small userbase, but could have caused trouble -- and a lot of negative opinions/press -- if it had been open to a wider audience.
So yes, it's a little frustrating that I'm missing chunks of my real-life friend circles, but I totally understand why they're rolling out the service as they are.