It would appear that Google’s impending move to phase out Picasa and fold it further into the Google+ suite of tools is around the corner. As the blog Google Operating System points out the Photo link in the Google’s navigation bar no longer links to Picasa Web Albums, when logged in to your Google account.
The link now redirects to the Google+ photos tab, where you can view your contacts’ and your own photos.
The far more feature-rich Picasa Web Albums are still available, and can be accessed if you have the page bookmarked, or with a a good ol’ quick Google search.
Update: When logged out of your Google account, the Photos link currently still links to Picasa Web Albums, so it would appear that Google is switching services intelligently, based on whether or not you are logged in, and whether or not you have a Google+ account.