I actually like Facebook's privacy better. Except for chat's online/offline status, it seems to follow a 'most restrictive permission applies" policy, which is nice.

Using Google's example: If I have a biking group and a work group, there's probably someone in the intersection of those two groups. I might want to share something with my biking group but not share it with my work group. There's not a mechanism to do that, that I can find, in Google+.

On the other hand, in Facebook, if I post something but restrict it from my work group, people that are in my work group won't see the post even if they're also in another group that does have permission.

This is a vastly superior approach, it seems to me.