Just noticed that GOOG had to file an 8K with the SEC because of their powerpoint gaffe. In it they state:
The statements regarding $9.5 billion in 2006 ad revenue and AdSense margins were not speaker notes prepared for the Analyst Day presentation, and were inadvertently included in the Analyst Day slides. These statements were instead speaker notes prepared early in the fourth quarter of 2005 for an internal product strategy presentation. These notes were not created for financial planning purposes, and should not be regarded as financial guidance. Consistent with past practice, Google is not providing revenue guidance. In addition, the statement with respect to AdSense margins does not reflect Google’s current expectations.It's unclear whether they think the $9.5 billion in ad revenue should be higher or lower based on Q4 '05 results. Piper projects 2006 ad revs at $9.3 billion, but internal sales targets are always higher than what you'd put out to the public.