This eight-minute video features Microsoft CEO Steve Ballmer as he answers questions from grad students in the business school at Stanford University, and his responses include a candid analysis of Google’s business model. Ballmer essentially calls Google a one-trick pony that is still milking it’s one good idea, but he’s also willing to give Google credit for the things they’ve done well and the success they are currently riding.

Naturally, I’m glad to see this sober analysis of Google – even from one of Google’s primary antagonists – since I wrote last week that Google was overrated as a business and that it’s stock price is irrationally inflated (that doesn’t mean I don’t love the Google search engine, because I do).

For further reading on this subject, also take a look at ZDNet blogger Donna Bogatin’s analysis of recent statements from Bill Gates and Steve Ballmer on Google and the subject of tech innovation.