A combined Microsoft-Yahoo! -- would it be the blind leading the blind?

Although we're all still waiting for the outcome of Microsoft Corp. (NASDAQ: MSFT)'s acquisition of Yahoo, Inc. (NASDAQ: YHOO), the question remains: can a merged Micro-Hoo even catch Google, Inc. (NASDAQ: GOOG) in the internet search engine advertising revenue race? Is that even Microsoft's strategy here?

Most of the media world believes Microsoft needs a new arsenal to catch up to Google so that it can begin reaping the rewards of search engine and text advertising. Microsoft already has an ad platform for this (adCenter), as does Yahoo! (Project Panama). Both have failed to make even a dent in Google's search advertising dominance, so why would a combined Micro-Hoo think it can do any better? Is a combined search advertising market share really the meat of this merger, or would a combined company just be the blind leading the blind against first-mover Google?

Yahoo! has already rebuffed Microsoft's offer, which already sets the stage for nastiness should a merger occur. Microsoft would empty its entire cash pile to buy Yahoo!, and would be betting the farm that it can at least compete with Google in the lucrative advertising arena while it replenishes its cash pile from its software business. So, what could Yahoo! mean to Microsoft? It would bring hundreds of millions of customers to Microsoft -- that's a given. But if you can't properly monetize that huge swath of customers (which Yahoo! has severely struggled with), what's the point? Microsoft may fear that Google could become as big as it is some day in terms of revenue and power -- and that could be the driving force: heading it off at the pass. Or, trying to at least.