I think that there are two things in their favor here:
First, they are Google, and therefore possess huge quantities of data and the ability, courtesy of their uber map reduce prowess and ultra-fast custom hardware, to make sense of it.
Second, they bought Metaweb (makers of Freebase) and with it some of the best semantic expertise out there. Toby Segaran is a brilliant dude. His O'Reilly book "Programming the Semantic Web" explains in 20 pages what most books take 150 pages to do: the concept of a URI based graph database and how it enables data to be merged from multiple sources and reasoned over with applications.
I only hope Google open-sources some of their research here for the rest of us.