The deal Google has cut with Dell to put Google software on all Dell PCs may sound groundbreaking — but it’s all sound and no fury.

Google will pay Dell an unspecified amount to include the Google Desktop, and the Google Toolbar on up to 100 million new PCs. Google will also power a Dell home page for those PCs.

The pundits say that Microsoft should be quaking over this one. But the truth is, Microsoft has nothing to worry about. Google isn’t going after Office (not yet, anyway), and certainly not after Windows with this deal.

Microsoft doesn’t lose anything here. Google’s search technology is so far superior to Microsoft’s that people find their way to Google on their own. Microsoft wouldn’t be able to buy them.

So while the deal may extend Google’s reach, it certainly doesn’t threaten Microsoft — at least until Google goes after Office.

What do you think about the Google-Dell deal?