Yesterday Yahoo! held their Analyst Day - the 188-page slide presentation is here (12MB). There's too much in the preso for any one mind to fully comprehend, but here are the things that stood out for me...

Yahoo's Big Bets for the Next 5 Years

See slide 16:

1. Next Generation Experience --> a.k.a. a customer focus, the user experience

They listed a progression of user experiences, from the Directory in the early years, to Content Verticals, to Web-based Services (communicate), Social Media (communities) and multi-device (“I want to have access to my stuff wherever I go and on any device” -- e.g. Yahoo! Go).

2. Monetization

3. Platforms

4. Beyond the Browser - a particular focus on Yahoo Go and mobile (see slide 51, which states Yahoo has a "Mobile Leadership Position")

Media Group priorities

Slide 58:

2006 Priorities: Create Superior User Experience

• Build robust platforms
• Develop key strategic relationships
• Maximize user generated content
• Build core brand extensions

Lotsa Mollah!

Slide 170 - The Internet Ecosystem: Roughly An $80 Billion Global Industry

This is why Microsoft wants to be a media company!

So in summary, Yahoo as usual is making all the right noises. Focus on user experience, building platforms, user generated content, etc. Of course as Greg Sterling noted, "The theory is right on, executing is very hard."