????Gates' return could help streamline Microsoft's message, but Harford notes that even Steve Jobs at Apple (AAPL) had current CEO Tim Cook at his side to handle the nitty-gritty. It's unclear whether Gates could keep his old right-hand man, Ballmer, or find a replacement. And, it must be noted that, during his tenure, Gates articulated more than one vision that went nowhere.
????Analysts say that whoever is in charge at Microsoft will face serious headwinds -- even Gates. Under Ballmer, the company picked itself up after the disastrous Windows Vista, launching Windows 7 successfully. Now, it is preparing Windows 8, which the company hopes will launch it into tablets. But it must draw developers to its platforms and duke it out with with Amazon (AMZN), Apple and Google. "There are very few examples of where returning founders had to come from behind in their certain market," warns Kirk Materne of Evercore Partners, which carries out investment banking services for Microsoft. "Gates was great at Microsoft when Microsoft was the dominant player." Even Gates, Materne warns, would face challenges.
????Analysts and Harford agree that Ballmer's position at Microsoft is well established, and he remains a close friend of Gates. It's most probably, they say, that Ballmer stays in charge as the company brings its new products to bear in 2012 and beyond, at least until Ballmer turns 60 in 2016. A Microsoft spokesman noted the company does not have a fixed retirement age and that the company does have a succession plan in place but would not provide details. (He declined to comment on a Gates return to the company.) Insider Steven Sinofsky, who heads up Windows, might be the company's best bet for a high-profile scion -- "he even wears the black turtlenecks," Maguire notes. Harford says that whenever the succession is, it will differ greatly from when Gates unilaterally passed control to his buddy Ballmer, as the board will have a much greater say.
????Even if unlikely, Gate's return is a "what if?" that's likely to have life, especially as long as the company's stock price languishes. But if he did return? "I wouldn't hasten to bet against Bill Gates," Materne says. He's probably not the only one.