If they follow their general model we'll probably be looking at
If they follow their general model we'll probably be looking at Google tracking anything and everything your phone sends and receives, and then they'll send you ads. So, in the middle of texting back and forth to pick a time and place for dinner you'll get a Google sponsored text message telling you about a great restaurant in your area and they happen to take Google Wallet as a payment method.
i would love that level of tight intergration, i like how it even is now, any computer or smartphone i use knows who i am and what i want to search for. apparently most here are too young to know what the internet was like before google came in and changed ads.