Here's a fairly comprehensive piece from The N.Y. Times' Saul Hansell, reviewing Google's model and history and speculating about its future: Google, the one-stop shop for all forms of advertising (TV, print, online, etc.).
Traditional ad agencies don't generally like or get Google, in my limited observation. But it's Sunday night, so I won't go on.
The article is worth a look. For those who read the entire piece, the "love-hate" reference is reminiscent of the role and position that Yellow Pages have historically occupied — and the similar ambivalence they've engendered among advertisers.
John Battelle has an interesting take: This piece in the NYT was clearly written with Google's open approval, and that means one thing: Google is using the Times to talk with the folks on Madison Ave — and Wall St.
Probably so. People question whether Google has a plan (I believe it does.) But whether or not the company has a plan, it has always had smart PR.
It's SkypeBay but on a larger scale.