Ok, I was with Google when it came out with the Google Pack. Sure, it was a fantastic disappointment of a shareware garbage bag dumped out on your doorstep when you were expecting an operating system. Then came Google Talk, winning Google an award for the “Halfass Attempt of the Century” in the area of computer software.

And we were still sitting around talking about Google, enjoying the freebie services, liking the competition it was giving to Microsoft to keep them on their toes, looking forward to the next big thing. Many of us naysayers claimed Google would never do something so pointless again.

Wrong again. Gphone got announced today! Except, its not a phone. Oh, and there is no SDK. Umm, no real screenshots or demo. All in all, nothing.

So here is the $700/share question…

Google appears to have become a company that is in business of selling dreams and possibilities to shareholders, not really delivering technology solutions, especially not past the beta stage at which over half of its projects sit in limbo of perpetual lack of business sense and plan.

There are two Googles. There is the Google the advertiser and Google the dreamer. Google advertiser is making $$$ off the adsense. Google the dreamer is building frameworks, crappy Web 2.0 applications, laying down fiber under the Pacific, flying to the moon, buying landing rights to the NASA airfields and is the neverending warchest for those who have been disaffected by Microsoft but could not adjust to the alternative lifestyle that comes with a Mac..

In the long long ago, Jim Cramer said that he was paying the press release to earnings ratio – this seems to be back, much as it was back during the dotcom boom. We seem to be completely ignorant of anyone who is truly presenting a solution to a problem that is here and now and are simply betting these vapor companies will exist solely on their advertising to a consumer that will be doing what? Writing Web 2.0 apps and buying iPhones?

Maybe in San Francisco… Maybe three years ago… But not today, what will Google do to prove that its more than a one trick pony?

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