The problem with Techcrunch's implicit interpretation of the Microsoft stats is that they mostly are trailing indicators of a business model. Let's take Office as an example. Does anyone seriously think that it will still enjoy network effects five years from now? It was an exciting (at least financially) business model 15 years ago when Microsoft could basically tax the electronic exchange of business information. Now, Office documents can be at least read, if not written, without paying the tax. Word is hurt by the cultural shift away from using it as a means of generating pretty pieces of paper. Better collaboration tools are slowly eroding the Excel as database-synchronized-by-email model that dominates its use (as a percentage of documents). A large user base is nice, but it doesn't justify a high P/E ratio unless it can be leveraged in the future.<p>Look at the "smartphone" numbers. The implicit message was that Apple doesn't really have all that much marketshare. Whatever. But, what's Microsoft have? Close to nothing, and there's little evidence that it's going to catch up. No one in his right mind can claim that the "phone" won't replace many (more) current desktop/laptop use cases in the coming years. What slice of that goes to Microsoft?<p>I don't know much about the CRM space, so I can't comment on the Salesforce.com vs. MSFT thing. But, what's notable is that Microsoft doesn't really enjoy network effects in that space. It must compete like other enterprise software companies -- again, not a model to justify a high P/E. The netbook numbers can be counted as a "save" against consumer-facing Linux distros, but I understand Microsoft to be practically giving away Windows 7 "starter" edition to keep share. Hardly a great model. Furthermore, the OS is little more than a platform for a web browser. Microsoft is doing all the dirty work and making little in return.<p>What if IBM blogged about its huge mainframe market share in the Fortune 500? Should we be excited about the future prospects of z/OS? How many mainframe customers would gladly get rid of their mainframes if switching costs were lower? 80+%? Look at the number of skilled COBOL programmers out there. Surely such a large development community will continue to propel the platform forward?<p>What's causing Microsoft's stock to stagnate is that the company has failed to maintain the network effects that fueled its growth and pricing power. They're becoming yet another company competing for consumer nickels and corporate dollars. While that's well and good, it's not the stuff of hocky stick growth curves.<p>And, Bing? I started using it because of 15% Bing Cash Back deals. Forget doing an actual search or clicking an ad.