Jellyfish is just what microsoft wanted.

Implications: Microsoft is very eager to make noise in the online marketing space.  With the recent acquisition of aQuantive and now Jellyfish, it seems that they'll stop at nothing to (over)pay for companies with a solid future.  The only problem lies in making their money back.  Jellyfish is on fire now since they are in the comparison shopping space and are offering a "Cost per Acquisition" (CPA) deal to all their merchants (with a twist).  Merchants are able to bid against each other for the CPA amount and Jellyfish splits the commission (or CPA amount) with the end consumer.  The only issue that they'll have to tackle is making Jellyfish profitable.  Rumors have it that Microsoft paid about $50M for Jellyfish. Jellyfish has VERY loyal users (i'm one of them) that return for a deal.  Only time will tell what Microsoft will do with them.

Analysis: see above.