That was back in June, 2003, and times and circumstances have certainly changed since then; but IMHO Yahoo is not only still holding a trump card, but is also playing with a deck heavily stacked in their favor.
People are not paying proper attention to Yahoo, and are paying far too little attention to Yahoo optimization as well. IMHO, that is a big mistake.
You see much more direct examples of this point here in korea. And not just yahoo but with other portals which dominate the market here (yahoo is 3rd? in the market here---a distant third). Remember, google is a small (very small) player in terms of destination sites for search (they do backfill and/or provide search for big korean portals...but that's not the same thing and not my point).
flickr looks awesome and comparing it with Hello/Picasa....dead heat...though might give a SLIGHT edge to flcker. So there you go.