I thought those two hipster/fad sites had already had their 5 minutes of hysteria?
Yes and no. It's a very expensive business model, but Google is probably the best positioned to make it worth it. For instance, Google has their own business suite for small businesses to utilize, they have a social network for deal distribution, they have their own email platform for deal delivery, they have their own mobile platform with Android, they have Adwords - the list goes on.
Google has decided that the average business owner is a far more valuable user to have than Aunt Millie will ever be for Facebook.