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It will also allow Google to sink an enormous chunk of change into capital spending in the coming year -- a quarter of a billion dollars worth in 2004, according to the S-1 filed with the Securities & Exchange Commission. That's nearly 25% of 2003 revenues, and it'll come on top of 2003's $175 million in capital outlays.

The question is: Should Google be spending that much as it prepares to enter the universe of publicly traded companies? By most accounts, that's more than it would need to expand its existing search-engine and technology infrastructure. "For a technology company, [the number] does seem awfully high," says Paul Bard, an IPO analyst at Renaissance Capital in Greenwich, Conn., who adds: "For a company like Google, I would expect it to be well under 10%."

In other news, on Thursday, it was learned that Eric Schmidt will no longer be chairman at Google. Analysts said that the decision to split the chairman and chief executive positions is probably a response to the broader trend in favor of better corporate governance. Little noticed in Google Inc.'s filing to go public last week is the fact that Eric Schmidt, the Internet search company's chief executive, no longer holds the title of chairman.

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