I did some testing today with GooglePlus Hangout OnAir.
A friend of mine had enabled her account. After doing a couple tests on her account I enabled my account and tested there as well.
Personally I think the problem is somewhat awkward but it does work.
There is a live comments area and one person immediately posted in one of our tests asking how we were able to activate our accounts.
I noticed that one of my two tests didn't record.
The link is "dynamic" in that it's created when you go live. This means one can't promote the link in advance.
You can promote your YouTube channel though but it may not be intuitive for those visiting it, to click on the link name to view the live stream.
Overall it works but it's not the most user friendly as of yet.
Of course one could use a screengrabber and send it to your preferred streaming service.
Adding that I didn't see any obvious view counter while streaming.
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