If you have a Google+ account you may notice a new addition, it’s called Google+ Local. This replaces Google Places and integrates with Zagat reviews along with Google products/services (Google Search, Google Maps, your ‘circles’ etc).
So, if you have an existing Google Places page, your site would have already been transitioned over to Google+ Local so you wont loose out on any rankings. And yes it is indexed by Google! It looks like reviews and reviewers play a part on bringing you the most recommended results to you and of course the whole sharing your location and experience of your own visits to local places.
If you are still lost, take a look at this How To Use Google+ Local video for an overview.
We would recommend getting your business signed up and to take advantage of this before everyone joins the band-wagon.