Google and Waze: Antritrust?

I think I may have an unhealthy attachment to Google's activities.  I write and talk about what they're doing nonstop.  But have you seen what they're doing?

Google is really starting to use its muscle and financial clout to make some things happen.  In the past week, the tech giant announced it's acquisition of Waze, the Israel-based popular social mapping application for mobile devices.

If you don't know about Waze, it's basically Google Maps, minus Googly stuff, and plus social interaction.  You can share traffic updates and hazards with other "Wazers," provided you pinky-swear  that you're not doing it as the driver.*

So, Google bought it for 1 billion dollars.

Here's the story on TechCrunch, if you're so inclined. 

Google's social activity is highly scrutinized, as evidenced by the large number of detractors who proclaim monthly that Google+ has officially failed (more on this later, I'm sure).  But I find it an amazing move.  

Waze was the first one to really popularize the social element of traffic. In fact, Waze was becoming a pretty dangerous competitor as the mapping/directions provider on smartphones.  Google's like the Coca-Cola of the internet or something, I don't know. 

So, I think that what Google+ was meant to be for search, Google Waze will be for mapping.  What I think they should do is integrate the Waze accounts and Google+ accounts to strengthen both.  Boom.

Of course, this hasn't come without attention.  In fact, the FTC is reviewing allegations of antitrust involving the deal.  Those who have reported the deal to be unlawful purport that Waze is Google Maps' biggest competitor in the mobile space (Apple Maps is not available on Android devices). (See ZDNet Story)

Obviously, both firms want to make money, and there is competition for users, but I don't normally think of antitrust when there's free services involved.  

I don't know a lot about this so feel free to weigh in. My two big questions moving forward:

1. How do you measure competition when there's no record of revenue?

  -The reason Google didn't even have to consult the FTC is because Waze falls under the minimum revenue requirement. Clearly, though, they're big competition when you consider audience.

2. How does antitrust work on a global scale? 

 There are monopoly allegations whenever multinationals merge or make a major acquisition,** and the rules still aren't clear.  How will this play out in online, cloud-based services?!

*clearly, Waze has a legal team on the payroll.
**American Airlines and US Airways, for instance.