It's designed to be a single destination for managing your online identity
There's a new page in the Google Account settings that's supposed to help you manage or at least get an idea of your presence on the web. It's fittingly called "Me on the web" and has three main tools.
For one, you can search for your name online and see what comes up.
Google has quietly launched the new features and, while there's nothing actually new there, it's nice to have them all in one place.
The search tool is nothing special, you'll get the same results if you search for your name on Google by yourself.
And, apart from seeing the results, there's not much else you can do about them, understandably since Google has no control over most of the sites there.
Same goes for Web Alerts, you can simply go directly to Web Alerts and create one for your name.
Most people don't even know the service exists though, so including it in the Profile and Privacy section of the Google Account settings makes sense.
As for Google+, that's just a link to your Google+ profile, which you can edit on the spot.