As I said below, I've opted out (I was already opted out, actually, but I also don't write reviews with my name in the first place), but my only real problem with this is the +1s part of it.
I have no problem with quoting a review that you wrote with your name and face associated and putting your name and face next to it for your friends to see. For context, see the ads that appear at the top of yelp search results. They usually quote someone's review and have their profile picture next to it, which is fine, because all they're saying is "here's a good review someone gave of this place", and using a review that was intended for people to see publicly. The person didn't "become an ad", their review was just quoted in an ad with their public profile picture next to it.
I have more of a problem with the +1 thing, but it's theoretical right now, and will come down to how they actually execute it. It's the same problem as the ambiguity of the "like" endorsements on Facebook. A +1 on a restaurant is probably fine to show (in the same way as with reviews), as long as they say something like "magicalist +1-ed this restaurant!". If, however, I +1 a cool photo that Red Bull posted about Felix Baumgartner's skydive, for instance, and my friends start getting ads saying "magicalist +1-ed Red Bull!", then we're in false statement territory, since that is not at all what I meant.
+1s (and "likes") are inherently ambiguous (which aspect of the thing I'm +1-ing am I approving of? It's often not all aspects), so they really should tread carefully. The rest I don't really have a problem with.