Google, DoubleClick & the Next Era of Internet Advertising
While Microsoft & ATT are quick to raise defensive legal questions (and Google's Eric Schmidt is quick to scoff at them, while also downplaying their new online presentation application), Sara Holoubeck at the DMNews (DM as in direct marketing) has some nice references to emerging ad exchange networks that introduce and integrate EBay-style bidding into online display advertising.
Bottom line, this merger idea is not just Google getting a new way to connect to display ads, it's also about the continuing re-modeling of online advertising in general. It's moving fast and it's just another brand of toothpaste that's not going back into the tube.
Even SmartMoney calls Microsoft's claims "almost laughable" amongst other more progressive comments.