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.
I assume since no-one has mentioned Google+ in connection with Google App Engine, that is not built on top of it.
Sure Google+ probably shares infrastructure with GAE, but you would think that if Google were really serious about GAE they would use it for their own external products. It sends a mixed message to the market when they tell app developers to use a technology for mission critical apps that they are not using themselves.
I'm going to guess that it is largely written in Java and uses google's typical stack of technologies (BigTable, GWT, etc), but I'm not sure if any google engineers have let anyone know yet.
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/