From Google+ help docs, we now have an official answer.
Google uses schema.org microdata to generate rich snippets in search (and in Google+). There's a lot written about schema.org and how it relates to Facebook OpenGraph in these two links:
See: http://www.google.com/support/webmasters/bin/answer.py?answer=1211158
See: https://developers.google.com/+/plugins/+1button/
Some important bits:
+Snippet
After +1'ing a page, the user is given the option to share the page to
Google+ via a displayed Share bubble. This share bubble (along
with the resulting Google+ activity post) includes a preview, or
+Snippet, that contains the page title, a brief description of the page, and a thumbnail image. These pieces of data are extracted from
the target URL's content in one of four ways, listed in order of
precedence:
Schema.org microdata (recommended)
If the page is annotated with schema.org microdata, the +Snippet
will use the name
, image
, and description
properties found on
any schema.org type.
<body itemscope itemtype="http://schema.org/Product">
<h1 itemprop="name">Shiny Trinket</h1>
<img itemprop="image" src="image-url"></img>
<p itemprop="description">Shiny trinkets are shiny.</p>
</body>
Open Graph protocol
If the page contains Open Graph properties for the title, image, and
description, then they will be used for the +Snippet.
<meta property="og:title" content="..."/>
<meta property="og:image" content="..."/>
<meta property="og:description" content="..."/>
Meta "title" and "description" tags
If the page's element contains and
tags, the +Snippet will use their
content attributes for the title and description, respectively. For
the thumbnail image, the sharebox will attempt to find a suitable
image on the page.
<meta name="title" content="..." />
<meta name="description" content="..." />