It's one of the biggest pieces of mainstream technology news right now, and though that might be because of the exclusive aspect of it (remember the PR firm that offered invites to other PR firms as a way of getting contacts?), it's also because a battle between Google and Facebook will be really interesting, leading to everyone with an opinion writing an article. It will probably blow over in a week or two - just like the Bitcoin stories did, though they lasted for several months. Or the Color stories (slight resurgence as the company continues self-destructing, but it's the first I've seen of them on HN in months).
It's a really standard cycle on HN - not the first or last time it will happen. If it gets too irritating, then someone will write a browser extension to hide all stories about Google+, or adapt an existing extension (as they did with Bitcoin and a bunch of other topics that briefly took over the site).