Joe Wilcox, posted two news commentaries on his Microsoft Watch Blog, here and here.

Basically, he states that Ballmers' letter is one of the nastiest pieces of FUD (fear, uncertainty and doubt) communications of the high-tech era.

"Microsoft seeks to set Yahoo shareholders against the 10-member board of directors. The letter, while written for the board, is really for shareholders. Microsoft's publication of the letter is evidence enough of the audience."

Joe Wilcox further analyzes the letter, paragraph by paragraph, revealing the real meaning of Ballmer's words: fear that Yahoo shares will further decline and during a period of huge economic uncertainty, the "large premium" is overstated.

"Microsoft will take the company or take it out. This isn't even an implicit threat. It's direct and deliberate."