http://news.bbc.co.uk/2/hi/8455712.stm
It had nothing to do with 'government-sponsored censorship', in fact, google showed different results to Chinese nationals on the other side of the line and the rest of the world for specific queries for a long time.
"These attacks and the surveillance they have uncovered--combined with the attempts over the past year to further limit free speech on the web--have led us to conclude that we should review the feasibility of our business operations in China." http://googleblog.blogspot.com/2010/01/new-approach-to-china...
This is the only view, and the only thing approaching a value judgement, that can apply to a large (enough) company.
It's like befriending a wolf in the wild. It may lick your hand, and bark at danger, but it could easily take your hand off and no one would blame it for being true to its nature. In fact you'd be chastised for not treating it with the caution it demands.