Mike Moran's Biznology Newsletter for May 2007  asks if Google is too Powerful and ends up with the answer that it's a complex issue:

"..So the media must crown a new champ. It must be that now Google is too powerful, right? Now, we don't exactly know what Google controls, but still, we seem to be paying more attention to them to anyone else.

What's really happening is much more complex. With every passing year, technology pervades more and more industries and becomes more and more important. And it has become bigger than any one company can control, even for a short period of time.

The real pattern is not only that every few years a new champion is crowned. Each new champion is less powerful than the one it succeeded. At some point, we're all going to have to accept the fact that separating technology news into things that good guys and bad guys do is not terribly edifying."

That suggests that Google's prominence is bolstered by the media and that it was less, in retrospect, to IBM's or Microsoft, and will pass soon.

I'm not sure - it feels as if what is happening now is different than what happened in 1995 with Microsoft or earlier with IBM - because most of the world is involved now.