I have very little real-world development experience so know these questions are relatively innocent: If there is one browser vendor do they not also control what is the cutting edge of technology? Wouldn't you be completely limited by them? Specifically, could you really imagine Microsoft setting the standards for the experience you have day to day on the web?
Well, I'm only 22 and we didn't even have a computer until I was around 12, so my experience with web standards is relatively naive. I <3 the internet as it is today, and I at least, do have to imagine how atrocious it must have been with Microsoft setting the standard.
IE 4.0 was a revelation and IE 5.0 was fantastic as well - effectively it was death knell for Netscape and all competition (earned MS a monopoly suit, but in truth it was a vastly superior browser to anything out there).
They won the browser war. Then, check out the time difference between IE6 and IE7. 5 years. That's where innovation goes absent credible competition.