This is a very well written article that explores some insight others may not have:
Here’s a case where I think everyone else has got it wrong. The media seems to be positioning Microsoft‘s hostile takeover of Yahoo as an admission on the part of Microsoft that they’ve lost their competitive edge. And Google, clearly worried, is making anti-trust noises, claiming that the proposed merger would destroy market competition. Both positions are utterly absurd, in my view.
He makes some great points why he feels this deal will fail – but makes it clear that many are not pointing to the things he is.