Below is relevant parts of the conference call...not direct quotes, but paraphrased. Updated: The full audio download of the call is here (MP3 file)

Kevin Johnson, president for platforms, Microsoft:
-- Facebook is our largest advertising partner...it is a win, win, and win for us. As Facebook innovates around new types of social ads, it will also help us.
-- As for the “faddishness of the platform”, and the $15 billion platform: I would put it in the context of the overall advertising growth. This also shows our ad platform is strong, and a vote of confidence for it, and will keeping getting better. The users could keep growing: 200 million users is in realm of possibility, and that justifies the valuation.
-- On whether the deal could expand beyond ad platform: you could certainly it coming, around technology.
-- We continue to see the monetization on Facebook improve on an effective CPM basis, and we have changes under way that would take in higher.
-- The deal were signed today...very hectic discussions over last week.
-- There are certain aspects of the deal we are not disclosing.

Owen Van Natta, Chief Revenue Officer, Facebook:
-- On how Google (NSDQ: GOOG) lost out: Other were definitely interested. We have been working with Microsoft (NSDQ: MSFT) for a year, and six months into it, we expanded out relationship. Being a tech company, which is a way we view ourselves, we have deepened our relationship with the greatest tech company on the planet.
-- For outside developers: this would mean these developers can tap into Microsoft’s technology and possibly AdCenter.
-- The deal does not include Web search, only an ad deal for now.
-- Use of money: for employee hiring (adding about 700 employees next year). We want to improve the technology, tech infrastructure and service.
-- Facebook has its own sales force, and we will co-ordinate with Microsoft so there is no confusion.

Overall, a very lame conference call, and sticking to the talking points. Well, what else would you expect…