People are reading waaaaay too much into the Google repricing. Folks, this was the first time an IPO of any consequence has been priced using a Dutch auction. Google (and the i-banking community) is feeling its way along, so it was inevitable there would be a) process hiccups, and b) price changes along the way.
If anything, this lower price makes my first-day bounce forecast of a double-digit percentage change even more likely. Does it make Google any better a stock to own long-term though? Of course not.