So there are two remaining categories of Motorola businesses:
3. Stuff that's not obvious but also not implausible for Google to integrate/keep. This includes the set-top box business. Historically, this has not been a Google type of business. But you could conceive of a scenario where it could be. Hey, Google TV is one step in this direction. In other words, Google could go in either direction. The main competitors in this business are
4. Stuff that Google most likely doesn't want and shouldn't. This includes the infrastructure equipment businesses, primarily geared to cable TV operators. This is fiber-optic distribution gear that you hang on poles connecting every Joe Six Pack in the U.S. and beyond. This type of business is a culture shock for Google.
You can easily envision Google divesting some of Motorola's businesses.
But the obvious question Google must answer is whether it integrates the Motorola Android business or gets rid of it. The current official answer of keeping it "separate" makes no sense at all. Google isn't a passive investment fund. Something's gotta give.
At the time of submitting this article, the author was long AAPL and GOOG, and short MSFT.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.