The Google +1 button is not the same as the Google Buzz button. However, many sites have already replaced their old Google Buzz button with the new +1 button.
It is likely that Google Buzz functionality will also be added to +1. Google also announced analytics for the +1 button to show webmasters info on geography, demographics, content, and search impact.
Although Google’s +1 button does not have a major impact on the position of your web pages in Google’s search results yet, it does not hurt to add the button to your pages