I spoke about this a bit @ SourceCon, but today it is actually happening. Facebook has made such an impact in Social Networking (SN) that Google has convinced a slew of other smaller SN's that Google is their friend and they will help the smaller guys compete against Facebook. Ironically, the exact opposite is true - Google needs help against Facebook.
All that being said, I think Social Graphs are a good idea and will be enormously helpful to recruiters. Think of a social graph as a way of allowing users to network socially outside the walls of a social network. In essence a set of standards that will connect ALL social networks.