Where is Google Contacts?
It started a while ago when there was talks about Socialstream and the evolution of Orkut. That Google enhances in the Social network arena is expected. And Orkut might be a good starting point.
Some rumours are talking about Google taking a meta role in social networking (ie as a provider of your social graph). In order to do this, starting from Orkut is not a good option.
You need to start from the address book.
Your social graph contains all people you know, and they might not yet (or ever..) be part of a social network application.
And Google are really weak in the address book area. Don't you think? It is actually odd that Google have a good calendar application. Calendars are definately not as mainstream as address books.
Thus I expect Google Contacts to be announced soon. Or Google Address Book. Or Google Rolodex.
What's your bet?