Every year at Microsoft’s (NSDQ: MSFT) annual online ad gatherings in Seattle, the company offers the latest update on its vision for challenging Google (NSDQ: GOOG). WSJ argues that with the collapse - for the moment, at least - of its plans to buy Yahoo (NSDQ: YHOO), the Redmond giant won’t have anything new to say when it opens its doors to ad professionals for two days starting Tuesday, at its Advance 08 conference.

Cue Eisner, Cameron: In the past, Microsoft would say that the breadth of its tools, acquisitions and strategies would be enough to eventually take Google down. But in addition to Yahoo slipping out of its grasp, Microsoft will have to contend with a worsening ad market in general, although online still remains relatively strong. So what will Microsoft present to advertisers at its conclave this year? It will start by trotting out big names like Michael Eisner and director James Cameron. Other corporate bigwigs speaking include Phillipe Dauman, Arianna Huffington, and others…full list here.

It will also attempt to boast of some new features and services, but it will not be able to credibly say it’s about to knock Google off its throne.