According to Mashable, Google executive, Bradley Horowitz, has said that Google Buzz is not a Twitter or Facebook killer. He apparently sees Buzz as a conversation tool, rather than a social network.
In a eWeek interview earlier this week, Horowitz was asked whether Buzz was created to be a competitor to Facebook and Twitter. He said:
"Absolutely not. Per what I just said, this is creating a new category of communication. It’s filling a niche, which is not currently met in the market. I think something unique is happening on Buzz that will continue to evolve. It’s hard to create a trend line or extrapolate too much from six days of use, but certainly conversation and the conversational Web is a place where Buzz has excelled. I think it is unique and offers a compelling interesting experience."
Horowitz also went on to say that Buzz goes beyond updating your status (like Twitter):
"It’s not just status-casting. It’s not just checking in. It’s really meaningful interactions around meaningful topics within Buzz and it’s reaching the right audience and people are engaged. That kind of value proposition is I think unique to Buzz. I’ve heard that again and again. In the realm of positive feedback, I think that people are finding that the conversational mode of buzz is very, very powerful and the quality of audience is also great.”

