This update is SO irrelevant to ranking... because it wasn't a ranking algorithm update. It integrated features, and switched how it was included in the interface.
What will be important? MAYBE to have a company google + page.. that makes sense, right? Other than that... everything is the same.
People are using scare tactics leading for you guys to buy a report in order to get the answers and they'll come up with an elaborate scheme. In a couple days, you will see WSO's published on how to take advantage of this new system. You will see a new WSO of the day claiming to be able to steer you to the right direction and rank your clients.
Come on guys.... this is stupid.
Someone mentioned you will need unique IPs, you will need to be from the city of the business you're reviewing, and all this other junk. It's bogus misinformation that they have no grounds for their stance.
Google places is still here, you can still manage it, and it is still most important for you to complete your listings and build citations. That is the biggest thing. You don't need to be in 1,000 circles, you don't need a single +1(+1s do nothing in terms of rank, only for personalized searches).
Want to rank and get your customer ranked in Google places, or google + local?
1.) Complete your listing, all pics, all info, all videos
2.) Build Citations
3.) Create a company Google + page
4.) Get reviews
5.) Optimize your website to reflect targeted keywords
6.) Integrate a map on your website
This update is kind of irrelevant for iphone users though... maybe now? Or coming up in June supposedly they will have their own default local listings. Of course iphone users can download the google + app... but I'm not sure why they would. I don't know anyone that truly enjoys Google +.
Anyway... guys...and girls... there is no reason to freak out or think that everything is changing because it isn't. google is just trying to find a way to make a dismal social network more successful and find a way that their acquisition to be put to bigger use.
No sense in worrying about something like this... worry about the NEW penguin change.