While spin locks are CPU-intensive and appear inefficient, they can be more efficient than suspending the thread and subsequently waking it up if the lock in question is held for a very short time.
If Page's plan isn't to keep the patents and valuable technology and quickly cut the rest, expect pressure for a spin-off to build up momentum over time.
Several folks I worked with at the time had expressed an interest in learning more about Rails and so I decided to spinup a nice group project to give us all the chance to work and learn together.