Would Google Unleash DoubleClick's Power?

Google's reluctance is particularly notable given that competitors like Yahoo!(YHOO Quote) and Microsoft(MSFT Quote) have no hesitation in using search queries to target display ads -- an ability that will only be extended through their respective recent purchases of Right Media and aQuantive (AQNT Quote).

Still, Google has traditionally been more sensitive than most players in the industry when it comes to issues of privacy. "They are very careful about how consumers perceive them," Shkedi says.

And that means Google shareholders should be less concerned with the FTC -- or the Department of Justice -- as they are with the less formal court of public opinion. After all, even on the remote chance that the deal is ruled out, Google would at least get its cash back.

But concerns about public image could mean that the deal goes through -- but that Google voluntarily refrains from taking full advantage of the possibilities. That would leave Google with a big bill to pay -- but without the accompanying gains to show for it.