The value of Microsoft brand, according to the Interbrand study, is US$65,068,000,000. That's a lot of brand value for a company that no one actually likes. And that's exactly our point. How can the Microsoft brand be worth so much? Aren't brands supposed to be about 'intangibles' and 'goodwill'? These may be old-fashioned terms when compared with the language of the latest brand gurus, but brands are, after all, about perceptions. Or are they?

The Interbrand brand-valuation model is made up of four elements:

• Financial forecasting
• The role of branding
• Brand strength
• Brand-value calculation

All this seems to be a little too close to accounting alchemy for us. But on the whole, Interbrand does seem to get it right. The top 10 include such well-respected brands such as Coca-Cola, GE, Intel, Disney, Ford, and McDonald's (OK, not everyone loves McDonald's, but at least there are some of us who still love a Big Mac!).

But Microsoft? We beg to differ.