"I think that this has been coming for a long time and it had to eventually happen," said Dan Olds, an analyst with The Gabriel Consulting Group. "Once Europe started their investigation, it was just a matter of time before the FTC did the same."

And both Olds and Rob Enderle, an analyst with the Enderle Group, noted that Google can't take the FTC investigation lightly.

"A full FTC investigation along these lines can take more than a decade from start to finish -- like with IBM back in the day," said Olds. "It's going to be a long and very expensive process for all concerned. With the level of electronic records we have today, just the discovery process is going to be massive, with investigators having the ability to make Google give up emails, meeting notes, and other records stretching back years."

Enderle added that Google needs to be careful not to be perceived as arrogant during the proceedings, as such an attitude could fan the flames. "This will likely dictate both the effort put into this by the government and the probable outcome," he said.

While Google is up to its neck in documents and legal filings, Microsoft will likely be looking to take advantage of any slip in Google's focus. For instance, the investigation could give Microsoft's a boost.