Those who fear a thoroughly Googled world aren’t looking at the whole picture. Froogle hasn’t brought eBay and Amazon to their knees, and its social network Orkut is in no danger of becoming MySpace, except in Brazil.

Thus: Not much of a surprise when Google SVP Jonathan Rosenberg admitted in a conference call yesterday that their attempt to sell ads into magazines has been one of this year’s biggest disappointments for the search giant.

UPDATE: My colleague Burt Helm points out Google’s poor track record with offline initiatives.

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