To some, Google has been looking a bit sallow lately. The stock is down. Where once everything seemed to go the company's way, along came Apple's iPhone, launching a new wave of Web growth on a platform that largely bypassed the browser and Google's search box. The "app" revolution was going to spell an end to Google's dominance of Web advertising.

But that's all so six-months-ago. When a group of Journal editors sat down with Eric Schmidt on a recent Friday, Google's CEO sounded nothing like a man whose company was...