I think they'll continue to develop and improve search - this is still their biggest and most important area, and if they don't then there's no reason they couldn't be overtaken. If I was Google, I would also be putting huge effort into improving contextual ad relevancy. It's not bad now, but improvements could give them such massive gains I'm sure they work at it constantly.
In other areas, I see web apps becoming huge, especially continuity between them. Google already has this to some extent, with mail, calendar and talk all integrated, but I think this will be their next huge growth area.
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