A timely reality check from Charles Fitzgerald – read the full post. The final paragraph:
Microsoft certainly benefited from having a long time window and multiple product cycles to invest in new businesses like the enterprise and entertainment. Google's window may have been much shorter (and in general I believe Google has followed the Microsoft arc albeit much more compressed. To prepare for their next act I suggest they "lawyer-up"). They have a great franchise, but they didn't build any new franchises during the land grab. So they're still fundamentally a one-trick pony.