Today Google officially announced their latest product, Google Buzz, during a live press event. If you’re not familiar with Google Buzz, it’s a way to share updates, photos, videos, and more. (You can read an extensive writeup of Google Buzz here).

Wait a minute; doesn't the name Buzz sound familiar? Well, there’s a good reason for that. Let me re-introduce you to Yahoo! Buzz.

Shoud Google have picked a different name for their service? Share your thoughts.

For those of you who don’t know what Yahoo! Buzz is, or for those of you who forgot it even existed, it’s a Digg-esque social bookmarking service that launched back in 2008.

The first thing that came to this writers mind was, “how can two rivals in the search industry each have a product with the same name?” Granted, they’re two separate services, but both reside in the social media realm.

Another thing that should be noted is the Yahoo! Buzz logo features a trademark. We’re not trying to stir up any legal discussions… but it does seem kind of odd that Google would choose a name that a rival company has trademarked.

With all the lawyers that Google employs, one would have to think that this matter has already been sorted out. Right?

What do you think will happen between Google & Yahoo? Tell us what you think.