Also can't help wonder of the final act if restoring sanity to Google use identity will be to kill off Google+ itself.
I'm happy to play along with the idea that it's going to morph and stay with us -- I think it's the more likely scenario -- but it wouldn't surprise me if it did a Wave. Think of them vastly scaling back what G+ is, while keeping the sharing and curation aspects, and then look at Android and Android Wear and see how that'd fit. I think there's a similarity to the Wave into Drive process here.
Google would, in that situation, absolutely keep developing features even if a scale-back or closedown were very possible (that and it's not uncommon to keep whole teams busy until you can redeploy them onto the next big thing).