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I think that the number of acquisitions made by Google - in par with the rest of the industry - show that their model for innovation is not a real differentiator.
One thing that stands out to me about these sorts of tell-all threads is that they're often made by guys for whom Google is their first job out of school. They tend to hyperventilate.

Google sounds like a nice place to work, but maybe not significantly better than other good tech companies. In particular, the claims of "OMG everyone is brilliant and insanely happy" ring a little hollow, when so many of the original people have left the company for better opportunities.