As you probably know, the idea of +1 is personal recommendations - so you can see what people you know gave the thumbs up to. As to whether Google will use it as a ranking factor or not, they are suggesting they might, but cautiously:
"This is just one of many signals Google may use to determine a page’s relevance and ranking, and we’re constantly tweaking and improving our algorithm to improve overall search quality. For +1's, as with any new ranking signal, we'll be starting carefully and learning how those signals affect search quality".
http://www.google.com/support/webmasters/bin/answer.py?answer=1140194
I guess the problem is that +1 signals could be manipulated like almost anything else so they will be treated as just one factor, in the context of many other factors.
Jen 