Mayer might surprise me by announcing that Yahoo will refocus on search. But my guess is that she knows the odds are against that. She knows that search companies have won by owning their own search technology and that it’s too late for Yahoo to rebuild its technology at this point, not to mention that under the terms of the deal, it can’t use the tech it gave up to Microsoft for about seven years or so.

Rather, I think she’ll write-off search, not try to reposition Yahoo as a search player (yet again) but taking the Facebook route. There’s search at Facebook, but that’s hardly its main attraction. Similarly, there’s much more at Yahoo than search, and at this point, it makes sense to focus firmly on those aspects.