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PP, normally I would agree with you, but Ebay apparently represents a pretty sizable chunk of inventory (if I read correctly, ebay is 4.1% of all paid search traffic). Losing Ebay will almost certainly lower the value of at least some real click terms on Google.
Further, there is the possibility of the cascade effect: If Ebay stays off Google for 60 days and their traffic and listings don't drop... other companies that are spending huge amounts of money on Google might consider slowing down the pace or re-checking their spending to make sure they are getting value for money.
Google should be able to make it up and make it invisible, but if Ebay shows that Google isn't needed to make their business go, others might follow suit.
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