I believe the Google +1 button will, human edited search results, no need to hire an army of web slaves to do the job of manual scoring if your general user will do it for you free of charge...makes sense in my head that Google +1 will factor into search ranking.
Also, if there were two results (say 1st and 2nd) the result in position 1 has 3 +1's, the result in position 2 has 250 +1's...I know which result I would click on.
So from an SEO perspective it is likely to have quite an impact.....eventually...