Even public opinion doesn't matter; these companies can weather bad press. Public opinion only matters if it encourages regulation.
There's also a question of whether governments - the U.S., Europe, Japan - even have enough clout to regulate Microsoft.
But at the moment Google is still responsive to regulation. They show every indication that they will comply with California laws, actual and proposed. On a federal level, they have twice revised their S-1 statement - most likely in response to SEC comments. (Hard to say, since the SEC keeps their comments private. In the future, the SEC will make them public, but that's too far into the future to affect the current S-1 situation with Google.)
Also on a federal level, Google's AdWords policies were changed slightly in response to federal pressure on gambling and rogue pharmacy ads. Too little, too late on the pharmacy issue, but there were some changes made by Google, and tougher federal laws about this may be coming soon.
In it becomes law, California's SB 1822 will set an important precedent for Google, Yahoo, Ask Jeeves, and any other corporation located in California, with respect to practices regarding the handling of email, and the retention of deleted email. It will probably influence legislation in other jurisdictions as well. It deserves your support.