So, does it matter? I'll say No. This was inevitable, and given the spate of recent acquisitions in this area the FTC (and/or DOJ) will look selectively screwy if they block this one, but let go aQuantive (AQNT), 24/7 (TFSM), Right Media, etc. While Google is doing well in ads, it's strange justice to nail Google for its buy, and let the other consolidators go.
Ads are a fast-moving marketplace, and about the best thing for competitors is if Google places bets all over place in older technology. After all, it then faces a year or three of integration, during which all things ad-related change apace, perhaps leaving Google more vulnerable than it would have been if it hadn't been distracted. I'm not saying that's the only scenario, just that regulators are crummy in fast-moving markets where today's supposed dominant player is often tomorrow's beleaguered has-been.
GOOG 1-yr chart