For less rigorous commentaries, there's Motley Fools piece "The Two Words Bill Gates Doesn't Want You to Hear" (A: Cloud Computing) [Article requires signing-up, but can be found from Your Favourite Search Engine]
A commentary on that piece from Carbonite, a 'Cloud' vendor.
Victor Cook at Customers and Capital has a series of pieces on Microsoft and its fundamentals.
His series on 'Brands' compares GOOG & MSFT at times.
The first post in the 'Blue Ocean Strategy' series, the second, third and fourth posts.
His analyses of a number of issues are informed and enlightening - MSFT vs GOOG, the YHOO & Double-Click acquisitions...
Cook points at a March-19 2009 piece at 'The Wild Investor' called "The State of Microsoft" that starts:
Well we are not in the 1990’s anymore, and unless you plan to hold the stock for 50 years there is really no point to holding shares of Microsoft. Here is why…and ends with:
The bottom line is that the luster behind Microsot is no longer there. Sure, there is upside to the stock, but how much. We are in a new time where the old blue chips are no longer blue. Stocks like Cisco (CSCO), IBM (IBM), and General Electric (GE) are no longer fun or smart companies to invest in.