I think I'd take a seat. This purchase will take a looooong time (look at Google and DoubleClick), and those involved are still thinking what to do, Yahoo! studying the proposal, Google playing the fear card and bringing up the possibility of an alliance with Yahoo!, and Microsoft wondering how are they going to get the money needed for the operation and how Yahoo! will integrate within the company.
The few articles I read talking about the whole issue consider everything as bad thing for both companies involved, for a lot of reasons (you know which are the important ones). I think the same, mostly because I despise this kind of integration between big corporations to form megacorporations that seems to be so frequent in this day and age. Of course, there are all kind of opinions, Paul Thurrott is going happy happy joy joy over the marriage, and others are claiming the death of Microsoft because this bid means they lack innovation capabilities (*ahem*)