<begin philosophical rant>
IMHO we all spend too much time thinking about google much like microsoft was characterized in the early - mid 90's. While I dont agree with all of Google's ideas, I do not fear they will rule the world. Simply because the nature of innovation (the kind that creates IBMs, microsofts, googles, etc) is disruptive, chaotic, and works best OUTSIDE of environments like google and microsoft. For years microsoft was out hiring the biggest baddest brains around, stocking their research labs full of top guns, yet think about the many trends they have missed.
Each new platform that comes out will have a dominant player (telephone, tv, desktop, web, etc).
The thing to remember is there will ALWAYS be new platforms. And, with each new platform a new generation of innovators will come along and rock the world of everyone else.
The very thing that makes the goliath great (IBM and hardware, Microsoft and the desktop, Google and the CURRENT version of the web) becomes their achillies heel as they cannot break free of pattern of thinking that got them their.
<end philopsophical rants, back to work for me>