Microsoft to buy Yahoo! ?

Is today the sad day? Last May I wrote:
According to NY Post, Microsoft is trying to buy Yahoo!, in a move that speculation sees as to make a force against Google dominance in some markets. It makes a lot of sense to me Microsoft wanting this, but I surely hope Yahoo! to fight against it. And if Microsoft manages to buy Yahoo!... It will be a sad day.

In fact, when Google acquired YouTube in October 2006, I said:
I mean, why are you all worried about Google's relations with Fox (MySpace owners) when the real Google competitors nowadays are Yahoo! and Microsoft?

And, as a matter of fact, 2008 begins with
  • Microsoft and Yahoo! being the two direct competitors of Google
  • Google, Yahoo! and Apple being Microsoft's direct competitors
  • Microsoft and Amazon being the direct competitors of Apple

Now, if Microsoft buys Yahoo!... Who will compete with it? Google and Apple? Separately or together?

Microsoft just made an hostile Yahoo acquisition proposal for $31 per Share, in a $44.6-Billion Deal. Hostile means that Microsoft isn't asking Yahoo nothing, instead telling its shareholders to sell at their target price.

Yahoo! stocks are rising and Microsoft stocks falling, but Google's stocks are falling too.

What's going to happen? I'm surely waiting to see, if this acquisition happens the IT world will change violently the next months or even years.