Not only Microsoft is on every tech related news, Google has just unveiled 3 new toys: the tablet Nexus Q (direct rival to Kindle fire), Project Glass (long term project, still far from the commercial launch), and Android 4.1 (directed at maintaining the edge in the mobile OS market).
These announcements are enough to convince me that Google maintains its innovation streak. The company has lost some pace, but is still growing at very good rates for a company of its size. I see Google as a disruptive company, which has made of innovation its core competence .
In financial terms, the price earnings ratio is 17, it has 25% margins. I would have to make a more detailed analysis but in a quick view I see a potential for good growth at a fair price.