Google IPO an Unlikely Lifeline for Technology

"We're not anywhere back to the go-go days," he added.

If anything, Google just "enhances the public's interest in technology investing in general," all the way down to angel investors, said Jonathan Silver, a venture capitalist with Core Capital Partners.

"It demonstrates that technology companies can be large and profitable and high growth, even in a mixed market and a mixed economic environment," Silver added. "I don't know that it makes it easier or harder for that matter for companies that have not yet filed."

Paul Koontz, a general partner at Foundation Capital and the first vice president of marketing at Netscape Communications, noted some important distinctions between Google and companies such as Netscape and Cisco (CSCO Quote) that stimulated a broader market.

"The Netscape IPO signaled an entirely new category and really educated the common investor on the prospects the Internet held for them," Koontz said. "Google is plugging into an existing infrastructure ... Everyone knows the Internet now."

Make Us an Offer

Google's Dutch auction is another anomaly that could limit the offering's spillover effect on the broader IPO market. The company's controversial price range of $108 to $135 per share suggests there's more downside risk after the stock begins trading in the open market, many industry observers argue.

Under the Dutch-auction model, the offering price should reflect the value investors are willing to pay for the stock and, consequently, it shouldn't enjoy a big moonshot once it's publicly traded.

But David Menlow, president of IPOfinancial.com, still believes that even if investors understand that, the Dutch auction poses some problems. "I think in the lack of advancement of the stock in the aftermarket, it becomes a sitting target for short-sellers," he said. "With that having been said, I don't view the Dutch-auction process as a viable platform for success stories in the IPO market."