Henry Blodget at Silicon Alley Insider offers some good in "Google Sucks Life Out of Old Media." While we all know that, yes, Google (NASDAQ: GOOG) is a one-race pony and that its growth rates are slowing, there is no denying that Google continues to not only dominate the online ad party, but advertising in general as its growth rates mock anything else comparable out there.

Blodget looks at a couple of things here. First, he looks at the growth of advertising in general and its split between online and offline. Next, he looks at the split between online players and their growth prospects. His findings won't surprise Google bulls (this author included), but to see the actual numbers -- it's pretty staggering.

Specifically, some numbers from Blodget:

• Total U.S. ad revenue (in 17 companies Blodget, et al., looked at) grew 9% from 2006 to 2007, from $53 billion to $58 billion.

• Online ad revenue grew 28%, from $14 billion to $18 billion.

Wow. While 9% overall industry growth is interesting, though not jump-up-and-down-and-call-your-preacher numbers, online ad growth is seeing tremendous gains.

So, who's the winner in all of this?

Again, from Blodget:

• Online ad revenue at Google grew 44%, or $2.7 billion.

• Online ad revenue at Yahoo, Microsoft, and AOL grew only 15%, or $1.3 billion.

That's 15% growth from leaders like Yahoo! (NASDAQ: YHOO), Microsoft (NASDAQ: MSFT) and Time Warner's (NYSE: TWX) AOL -- combined!

While none of this information may have any impact on Google's stock price, it's important to see things in perspective. Looking at the data differently, maybe everyone knows how extremely well-performing Google is and is betting that Google has everything to lose going forward. Truth is, I don't know, but what I do know is that right now, Google is the go-to recipient of all that ad money flowing online.

Zack Miller is the managing editor of IsraelNewsletter.com and a former equity analyst for a leading multinational hedge fund. Author is long GOOG stock.