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Wow, what a haircut week for Yahoo. Can't win for winning or losing.
I agree that good content is what saves the day for Yahoo - as well as very well designed user interfaces. What they haven't done well is to integrate all of their disparate holdings well. While the Silicon Valley pundits wring out endless Schadenfreude over the exits at Yahoo, some newer blood and lighter executive infrastructure is probably going to be a good thing overall. In spite of the good talent that's bailed there's a fair amount of ego that went out the door as well, which is probably a good thing in the long run. The main question mark in my mind at this point is Susan Decker, who knows how to manage a bottom line well but now has to convince new talent that she's worth working for.
At the end of the day there will be a Yahoo a year from now, probably still independent and bolstered significantly by Google ad revenues, and probably still very popular for the things that it does well. Hopefully they come to do more things better in integrating social media.
All the best