John_Carpenter - 9:32 am on Jun 24, 2006 (gmt 0)

I don't think G is as dependent on publisher revenue as you say.

Maybe not as dependent, but about 40% of their earnings are from the content network -- i.e. AdSense publishers -- (the rest is from the search network). This is quite a lot, when you consider that publishers get about 75% of the total revenues. (In total, the content network yields much more money than the search network.)