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My concern about buying into the stock parallels jags point. No product, but a method. It could last for a long time - they are an impressive bunch over there. But, then again, so was the Netscape gang. There won't be much loyalty when someone demonstrates that they can do the same thing better or easier.
Ebay, on the other hand, has a product - an intangible product but a product. And they have loyalty from their users. There's no "splitting up" the online auction business but if someone puts up a better search engine, two-thirds of google's users would be gone by the end of that week.
Google is a great company, and I could very well be wrong about this, but I don't see them being around fifteen years from now.
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