How interesting. I just revisited, and for me it has Gooooogle. (didn't want to bother loading up an image).
Just an idea here but even with the elongated ooooooogle there is a lot of waste space in the g acknowledgement area particularily on the horizontal banner sized and leaderboard ad boxes. I think that there is enough space for a small search box to the left of goooooogle. Wouldn't it be neat if google allowed us the option of adding the search box function there in the space that is already being used by our ad boxes?
Then they would lose the benefit of having their name in both the Ad Box and the Search Box. With separate units, Google's name has a much greater presence on our websites.
It looks like there is enough space to have a small search box along with the Ads by Goooogle notice but you are right - the way it is now gives G much more prominent visiblity.