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So, I'd say that a Yahoo Directory listing improves ALL search engine traffic. It is, after all, a human edited directory of real substance. I don't know if a directory listing is a specific factor in the Y! Search algorithm, but as a BIG link, it is still one of the factors. Our clients always see a nice traffic jump when their entry kicks in, and that increase is sustained over time.
When it comes to the money involved, have you ever seen what kind of marketing $300 will buy you from a newspaper, radio or magazine? $300 is not all that big a marketing expense.
But if your site is a clean site and has a few other clean authority links, then it should help in yahoo serps..
you don't ever see much traffic straight from the Yahoo Directory
Well... I have quite a few listings (for different sites), and one of these sends me a steady trickle of visitors --it has earned the listing fee many times over! (Of course, the fact that it has been "grandfathered in", i.e., I do not pay an annual fee, helps quite a bit with my ROI...)
I am one of those lazy ones who doesn't like all that link exchange hype and I simply don't have time for that. So I prefer to buy some strong inbound one-way links (strong from Google's point of view), rather then spending days begging those snobs for link exchange LOL.
And it DID help, I have 10 times less inbound links than my competitors, but my position in Google is better, I guess coz my inbound links are stronger - quality vs quantity.
And though you talk about 302 redirect, Google still recognizes it as a backlink, coz it shows up at link: command, not to mention all other regional yahoos.