Simple if you break them down:

—Google: Not much for Google (NSDQ: GOOG) long term, except couple of billion in revenues over the next few years.

—Yahoo: Well, it will be scrambling for other options, as it has been for most of this year. It just lost about $800 million in incremental revenues per year, as it hopes. The AOL (NYSE: TWX) deal seems within reach, and a limited search deal with MSFT also seems possible now. News Corp (NYSE: NWS) could come back into the mix again. Also, is this finally a chance for Jerry Yang to resign? Possibly the cleanest-break chance he ever had since he started again as CEO.

—Microsoft: It could be that partner for Yahoo (NSDQ: YHOO), finally. Or better still, Yahoo’s so much cheaper now to buy—maybe even $13 per share—than the earlier $33. And oh, did I say willing…