But the acquisition is not without risks. It poses a massive integration challenge for Ciena (CIEN), the likes of which the company has never dealt with before. As Jefferies & Co. analysts wrote in a research note this morning, “We can’t think of anyone in Ciena’s management team that has ever been involved in–much less integrated–an M&A deal like this.”

“We’re open for business in making strategic acquisitions both large and small,” Schmidt said. “Because of what we’ve seen, we have the confidence to be optimistic about our future and we’re going to invest as a result.”

And what sort of acquisitions is Google (GOOG) looking to make? Smaller strategic acquisitions mostly. Buyouts the size of YouTube or DoubleClick will be, according to Schmidt “quite infrequent.”

The Google CEO’s latest comments echo remarks he made earlier this month and back in September when he first said the company had begun seriously looking at acquisitions again. “Acquisitions are back on again at Google and we are doing our normal maneuvers, which is small companies,” he said. “My estimate would be one-a-month acquisitions and these are largely in lieu of hiring. There may be larger acquisitions, but they really are unpredictable.”

So what’s the M&A outlook? What will Google acquire next? Dynamic ad optimization start-up Teracent, perhaps? The oft-rumored Twitter? Or something else entirely?

Sewell joined Intel (INTC) in 1995 as a senior attorney and was named general counsel in 2004. In that capacity, he managed Intel’s antitrust battles in Japan, Korea, the United States and now, the European Union as well. At Apple (AAPL), he succeeds Daniel Cooperman, who will retire at month’s end.

“We are thrilled to have Bruce join our executive team, and wish Dan a very happy retirement,” Apple CEO Steve Jobs said in a statement. “With Bruce’s extensive experience in litigation, securities and intellectual property, we expect this to be a seamless transition.”

It would seem, then, that Sewell’s decision to leave Intel for Apple is more train-hopping than anything else. And while it certainly comes at a lousy time for Intel, it’s not likely indicative of some upset within the company’s legal department.

As Insight 64 analyst Nathan Brookwood told me this morning, “Some personnel changes result from the circumstances of the individuals involved, rather than high level machinations within the organizations to which they belong. Cooperman’s retirement created the opening at Apple, a position Sewell is well qualified to fill. My bottom line: Bruce’s move has more to do with Apple’s need for a top notch lawyer than with Intel’s current legal situation.”

The official announcement, below.

Bruce Sewell to Join Apple as General Counsel & SVP

Daniel Cooperman to Retire

CUPERTINO, Calif., Sept. 15 /PRNewswire-FirstCall/ — Apple today announced that Bruce Sewell, formerly senior vice president and general counsel of Intel Corporation (INTC), will join Apple as the company’s General Counsel and senior vice president, Legal and Government Affairs, reporting to Apple CEO Steve Jobs. Daniel Cooperman, who has served in these roles at Apple for the past two years, will be retiring at the end of September.

“We are thrilled to have Bruce join our executive team, and wish Dan a very happy retirement,” said Steve Jobs, Apple’s CEO. “With Bruce’s extensive experience in litigation, securities and intellectual property, we expect this to be a seamless transition.”

At Intel, Sewell has been responsible for leading all of Intel’s legal, corporate affairs and corporate social responsibility programs, managing attorneys and policy professionals located in over 30 countries around the world. He joined Intel in 1995 as a senior attorney assigned to counsel various business groups in areas such as antitrust compliance, licensing and intellectual property. In 2001, Sewell was promoted to vice president and deputy general counsel, managing Intel’s litigation portfolio, and handled corporate transactions including M&A activities.

Prior to joining Intel, he was a partner in the litigation firm of Brown and Bain PC. Sewell was admitted to the California Bar in 1986 and to the Washington D.C. Bar in 1987. He received his J.D. from George Washington University in 1986, and a Bachelor of Science degree from the University of Lancaster, in the United Kingdom, in 1979.

Until then, the market will have to make due with merger-and-acquisition deals, which themselves aren’t doing so well. There were just 68 M&As in the first quarter of 2009, the lowest number since 1999. And they generated just $3.2 billion–down 65 percent from a year ago. Seems acquiring companies are on the lookout for bargain-basement deals and there are unquestionably few to be had given the souring economy. “Acquiring companies are simply looking to be very aggressive buyers and frankly are looking for rock-bottom pricing because that’s what they should be doing in this kind of environment,” Jim Watson, managing general partner at CMEA Capital, told VentureWire. “If you’re a seller now it’s because you have to be a seller.”

Sun shares are trading up on the news. That said, they’ve been trading higher for a few days now, inexplicably up about 20 percent versus Nasdaq, which isn’t doing nearly as well.

Odd, that, isn’t it?