It is not GWT. It is very similar to the other JS-heavy Google Apps (GMail, Docs, Buzz, etc.) I'm not sure how many details of those are public, so I'll leave it at that.
Edit: Actually, apparently parts of the stack have been open-sourced:
I had a very tangential role in getting Google+ out the door (as in, I got pulled in for last-minute bugfixing and fixed a handful of bugs), and I've been working in the Google+ codebase for the last few weeks.
Edit: Actually, apparently parts of the stack have been open-sourced:
http://code.google.com/closure/
http://code.google.com/p/protobuf/
http://code.google.com/p/google-guice/