It's official: Google will participate in the 700 Mhz Wireless Auction. The company, which found success through its popular search engine, has formally filed its application today with the FCC.

A recent ZDNet article took an excited tone while covering Google's latest foray into the mobile world, focusing on the potential applications for smartphones and PDA phones.

Right now the global PC search market generates about $20 billion in revenue, assuming each PC owner conducts an estimated 35 searches a month, according to Citigroup research. If they do just one search per month on the four billion mobile phones expected to be in use in 2010, they could generate $2.3 billion in revenue, assuming PC Search Advertising economics migrate as-is to the wireless world, Citigroup said in a report this week.

With Google in the mix, who knows how much the FCC will make from the 700 Mhz Wireless auction? With a healthy supply of capital, will anyone else be able to outbid Google?