If Yahoo combines Technorati with Flickr and Delicious, it will have a commanding and perhaps insurmountable lead in the Web 2.0 race. Which I why I believe you can’t count Google out of this race. If Google buys Technorati, it’s still a two horse race. If I know that, Google knows that.
Look for Google to be the winner in the Technorati race. Why? Because it has no choice.