This weekend's NY Times article "Maybe Microsoft Should Stalk Different Prey" raises the point that perhaps Microsoft should reconsider the Yahoo acquisition to focus on what it knows, which is enterprise software.
New CNET Editor-in-Chief Dan Farber raises a different point in a post today--that there is still time for an internet land-grab and Microsoft should take this opportunity to nab Yahoo before it's too late.
Overall, I don't see the Yahoo acquisition paying immediate dividends. In fact, it's hard to see when it would pay off. Microsoft doesn't have the machine in place that would allow for a smooth transition with quick gains. There are a few companies, Oracle and Cisco, notably who are fantastic at acquisitions, but Microsoft hasn't yet built an effective acquisition engine.
There is another argument that says that internet is really not Microsoft's ball of wax, and instead the company should try to acquire SAP in more of an Oracle-style of leveraging assets across the same customer base. Unfortunately, that argument doesn't fly as it seems that Microsoft has finally realized there is a very real danger of losing the corporate desktop as it moves online.