It has lost 60% of its active userbase. I have to say that I'm not surprised by this one bit. In order to supplant a dominant product or service, your product or service doesn't need to be just as good or a little bit better. It needs to be a lot better (or significantly cheaper). Just look at the Zune: it never went anywhere precisely because Microsoft couldn't surpass the iPod and its ecosystem and refused to compete on price.
I have to say, for my part, that Google+ feels too much like stripped-down versions of Blogger and Google Reader merged. It just doesn't seem ideal for communicating with people in a non-Internetty way like Facebook is. For instance, sending a private message is a very clumsy process that isn't well-documented.
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