Yahoo! presented itself to their financial analysts. It is a great (and huge) read. I will try to comment on it later. In the meantime, I invite all of you to at least open it and look at the webcast and the slides.

Yahoo! is not anymore the much touted company it used to be. However, it is still an Internet giant and it builds quietly a new Web through careful acquisitions and good R&D (mobile, semantic web mostly I think).
It has a huge power as a mainstream platform and totally underestimated (they did not build their brand through PR as did Google). The Web people are on Yahoo! They used to be on AOL. They hope to be on Google.
Yahoo! is taking a path worth following and an original one.
Other blogs have mentionned it; especially the excellent Read/Write Web. But no one really seems to care, especially the blogosphere. They might be missing an important event. Yahoo! has defined its strategy quite precisely for the next five years.
Their new home page is a consequence of their new strategy. Their declaration of war to the old Web. (OK at least of intention). They were still supporting Netscape 3 last year. It is a very meaningful step. (Terry Semel is a Hollywood guy: he knows the power of symbol). We will see how far they conquer and if their declaration of intention (those links below and the new home page) will work. We will watch them.
If you want to sell them something, I would suggest to read all this carefully.
Link to the event page
Link to the slides (PDF - 12.2 Mb)
Link to the webcast
Update 05/25/06
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