signor_john - 5:10 pm on Dec 3, 2008 (gmt 0)

They've got all of their revenue from one spot that has potential to vanish - adwords.

Why do you think they bought DoubleClick?

The second achilles heel is the adverserial approach they've taken with webmasters (SEO's) in the last year or two.

Owners of thin affiliate sites, SEOs, and click arbitrageurs have been complaining about Google's "adversarial approach" for years. During that same period, Google's search market share and advertising revenues have continued to grow. To judge from the numbers, it would seem that Google is doing a pretty good job of serving its core constituencies.