The cynicism here boggles the mind. You can talk blue in the face about all the products they haven't killed that power the world and people will just shake their heads in dismay and walk away muttering about Google Reader.
Knowing that YouTube and Android were acquisitions, suggests that acquisitions may have more lasting potential, but I don't know enough about gmail, docs, maps, etc to know if any of them were home grown.
And looking at the list of acquisitions don't really clarify anything, all of their successful products seem to have some amount of acquisitions involved, but it's unclear to me if they were all sourced from the company, or if they bought companies to bring in talent into an ongoing home grown environment.
For anything involving infrastructure, you need a much longer attention span than has been on display.