I don't fully have my head around Wednesday's Google's +1 launch... namely because I don't entirely understand how 'liking' a page affects / improves a search query: am I voting for the best matching page for the query? or is +1 more similar to 'liking' a page? And if it's akin to liking a page - this makes more sense on product searches, websites, etc... much in the same way that Facebook Connect and concept of having Facebook Facepiles">Facepiles appear across the web.
What does my sense to me is the effect of +1 on ads. It makes a ton of sense and I love it:
For consumers: +1 'facepiles' (for lack of a better term) will lend credibility and users will be more inclined to click on those ad units.
For advertisers, you can now amass brand 'advocates' or 'fans' who will effectively improve click-throughs and conversions.
And this leads to a happy Google.
And a note to advertisers: I would work to drive +1's on my AdWords campaigns immediately. There will be a first-mover advantage as the product gains traction and your ads compete against units without +1 votes.