Google's Social Product is internally codenamed "Emerald Sea" -- According to a Quora post, Google's in the process of internally testing the product they're calling "Emerald City". Here's what's interesting:
Emerald City has been integrated into numerous products and is being actively used internally.
Emerald City is the project name for what people outside of Google refer to as "Google Me". Lots of existing projects like youtube, google docs, search, calendar, groups, picassa, etc have had significant social integrations added to them. This is an ongoing project that will launch as a major initiative across multiple services at once and many of the hooks endusers will see are currently being tested internally. It is by no means done and is extremely ambitious in nature.
One tipster, a former Googler, warns that these internal nicknames shift all the time and it could even end up being known as "Emerald City" at some point. As to what Google will end up calling it when it gets released next year, that remains up in the air, it seems.
Google may be close to picking the final name for the product. As of right now, it's being called "Google +1" or "Google Plus One". Another source suggests, Google's considering: "@Google" or "At Google".
More interesting than the name is, who's active in the development, it's Sergey Brin.
One source says that Google's co-founder has moved the project to an area of the Googleplex called "Building 2000" (which's also home to a new Google campus store and a slide!) and that the area is now in a state of lock down as they prepare the project.