If they liquidated today, you could use their shares as toilet paper. Thats what it would be worth.
That is true of any stock. But the company is set to make over $13/share next year (I actually expect it will be closer to 15-16/share based on past history) so I don't recommend that if you have a brain. I think Google's stock will stagnate for 2 years from where it is with it going from 450-550. By that time it's EPS will be right at normal market (but less than industry) while still growing at 20-30% a year. So no, it may be slightly overpriced but not that much. At least for long term investment. Short term I think the chances the stock drops back down to 450ish is pretty solid.