Google is a one trick pony. They've wasted hundreds of millions of dollars on side-projects that have by in large all failed. I don't see that as an amazing success. They are trying to grow legs, but they find themselves teedering on the single leg of search engine market dominance.
They are driving away advertisers by the thousands - and new media companies are popping up daily to scoop them up. Not to mention - the trend for publishers in 2010 is launching self-serve advertising platforms.
I think Google's future in search is grim. I see them losing ground in search and picking up the slack in mobile.
Google has dabbled in nearly everything over the last few years, with the exception of improving and innovating search - their core business.
Google already seems archaic. Their desperation is vivid when you take a quick look at their sponsored results only to find that they have re-opened the doors to arbitrage in a major way. When 50% of their sponsored results are 100% arbitrage by Ask, Local, AOL, and AARP - there's a problem.
And last but not least - Google treats their adwords customers like garbage. Their desire to automate everything and pinch pennies by not hiring enough support staff is nauseating when at the same time they don't even sneeze at sinking endless amounts of money into one failed project after another.