If you’re a blogger in the search industry, you’re probably still reeling from the jaw-dropping news that broke on Saturday: Microsoft has made a 45 billion bid to purchase Yahoo.

So if this rather ambitious acquisition proceeds, what exactly will this mean for the search industry? There is a lot of speculation right now that it will never happen, but let’s just imagine it did.

For starters, I’m sure MS would scrap their existing PPC offering AdCenter and incorporate the better known Yahoo Search Marketing system under their own brand. They would also likely scrap Yahoo’s Directory and combine the Yahoo search data with their own Live Search results to create a super search engine of sorts, running on their own algorithm.

The new Microhoo could be a definite threat to Google. Just how the acquisition could or should proceed is perhaps the most interesting part of the whole deal. There are bound to be market monopoly issues at stake. You can bet both the Federal Trade Commission and the Federal Communications Commission are watching the unfolding saga very closely.

Meanwhile reactions from bloggers in the search industry are fun to watch.

Spread the joy!