I’ve just finished an automated doc diff (using Araxis) to compare the Risk discussion in Google’s 2004 and (just-issued) 2005 annual reports. Lots of interesting stuff pops up, some of the most intriguing of which centers on click fraud. The discussion is expanded and heavily revised in the 2005 report, including more discussion of the likely future legal actions, as well as a not-so-subtle emphasis shift. Google is demonstrably trying hard to turn the discussion into one of invalid clicks, rather than click fraud. Clever strategy.
Click on the following figure for more. The 2004 report is on the left, and the 2005 report is on the right.