GEICO's got money (quite a bit of mine, at that). They can (and should) return the favor by piggybacking as much as possible on their competitors' keywords.
The primary response to the trademark 'Geico' elecits a google response with #1 being the Geico commercial website. Other responses include news related to Geico.
The suit involves Google selling advertising space based on related industry companies/competitors.
IMHO opinion Geico has no standing in that they themselves use Meta-Tags to elevate their 'match' on search engines like Google and Yahoo. They are intentionally harnessing the technology provided for profit. They even advertise with Google.
To me, the most daming evidence regarding standing or perceived damage was that a Google search of 'Progressive Insurance' produced a company advertisement in the window in question (right pane) that provides insurance (in part) through: you guessed it - Geico. Geico is suing to stop their affiliates from advertising based on recognized industry names. Silly silly silly. (Someone please tell me why some intrepid reported from oh, say, the NYT didn't try this same little trick? Wouldn't 60 Minutes have loved to have that kind of 'gotcha' for an interview last Sunday...)
If Geico could show that one of their competitors was using ther Tm as a Tag they would have recourse against the competitpr, but a search through 9 pages of Geico results on Google revealed not a single competitor.
I think Google can argue reasonably that they are an information source that analyzes a request and provides available information based on trends, tendencies, and reasobale groupings. They are more than just a '411' operator (try calling 411 and asking for 'Pizza in my neighborhood' - it's a scary proposition at best). They are like the store clerk who, when asked for Tylenol, leads the customer to the analgesic aisle, but also shows them aspirin, ibuprofin, etc.