Listening to analysts, bloggers, commentators and reporters in the past couple of days, one could have gotten the impression that Yahoo!, not Google, was recently involved in a major deal.

There have been just as many mentions (if not more) of what Yahoo! should or should not have done, or what Yahoo! should or should not do now and in the future, as there were mentions of the actual deal (and its affect on both companies involved). Even Yahoo! Inc. (NASDAQ: YHOO) share price, it seems, was affected more than Google, Inc. (NASDAQ: GOOG) share price has.

Just examining what my colleagues and I here at Blogging Stocks have mentioned paints an interesting and complicated picture:

• Brian White thinks that after the close battle in which Yahoo! lost YouTube to Google, the pressure is now on Yahoo! to close some sort of deal - Facebook perhaps?
• Douglas McIntyre thinks Yahoo! and AOL are both the losers in the Google, YouTube deal and therefore, in order to compete with Google, Yahoo! should buy AOL. But that's not all, Doug also thinks it might be time for Yahoo! CEO, Terry Semel, to retire.
• Jon Ogg warns that with this deal, Google may surpass Yahoo! as the number one combined destination on the web, or come close to what's been Yahoo!'s clenched position for a while now. Jon Ogg also tells us that Cramer thinks that the current sentiment may indicate that Yahoo! shares are at a bottom. He also brings an interesting rumor where Google could be interested in buying Facebook at a price of $2.3 billion. Yahoo! was considering this acquisition not too long ago, but for $1 billion.
• If the above rumors are true and Google and Yahoo! entered another bidding war over Facebook this time, Peter Cohan thinks Yahoo! shouldn't go for it. Price per registered user at Facebook is too high and Facebook is structured differently from other social sites, more restrictive, which could negatively affect advertising prospects.
• Sarah Gilbert also cautions of a hasty move on the part of Yahoo!

Me? As I've mentioned yesterday, I don't think Yahoo! is the loser on the deal. First, investors would have reacted differently to the same deal had Yahoo! been the buyer and not Google. Not everything that Google can do, Yahoo! can, as not only the companies are different, but investor sentiment is different as well.

Finally, Yahoo! has other problems to solve first, namely it needs to catch up Google on search technology and roll out Panama. Otherwise, any acquisition would simply go to waste. Distribution channels mean squat if a company has nothing to distribute.

So no, I'm not saying that a good tactical and strategic acquisition isn't in place. However, in its present state, Yahoo! is smart to be patient and weigh in all the consequences. Didn't someone once say that haste is of the devil?