Google says its bulk purchases of dark fiber are misunderstood, and speculation about a GoogleNet is off the mark. In an interview with Light Reading (link via GigaOm), Google's Chris Sacca said the large fiber buys were needed to connect its data centers to one another and to AT&T's network. "People don't understand that it's not Google trying to take over the world," Sacca says. "If you want to peer with AT&T, you have to peer at the point that they choose, not just anywhere."
Light Reading notes that the term "peering" implies the mutual sharing of traffic, and it's unlikely that Google carries AT&T traffic over its own fiber. Google seems to use the "peering" term to mean buying capacity on metro or access networks.