It is bad if they are launching a product from 2008, or launching a product that conceivably could have been done in 2008. If they were doing a dropbox clone they're four years behind, but as an above commenter mentioned, they aren't. I actually think this is a really good opportunity for Google to achieve their social ambitions. Rather than try to fight Facebook on their home turf Google can try to coalesce gmail/google plus/google docs/google drive into a kind of operating system replacement and build their social network around it, like a giant collaborative computing system. Time will tell though, superficially it looks like a lame google docs relaunch.