I'm not sure how much that's growth vs. shifting from one place to another. But even still, you'd have to expect a pretty large explosion in the near term, and assume that it was highly-monetizeable for that alone to make them a growth company.
There's over 10x the amount of mobile devices vs. the amount of PCs/Macs worldwide.
Essentially, 5-15 years from now, everyone's going to be on the "new PC" all the time, anywhere they go. That's why Google is so invested in Android...they want to control your browser, your cell, your email and your operating system, which lead to controlling your search.
If and when GOOG dips below $350, I'm going to start buying. A ~20 P/E for what in my eyes is a growth company, is ridiculous. This isn't just limited to GOOG either; there's going to be a ton of bargains (by historical standards).
