Just a few quick thoughts came to mind here.
Sounds like google mentality carrying over. Is there going to be an attempt to turn Yahoo! into a mini Google+? Innovation is what's needed, not chasing what others are already failing at.
And this OnTheAir application appears to be geared toward the social media crowd? What's the base audience? It certainly isn't likely to be businesses. Most boardrooms I've been into that take business discussions seriously have hard wired video teleconferencing systems in place.
But I guess there is a possibility of the younger crowd adopting it to show off their bagel heads.
One final thought for now...OnTheAir just launched in March, about 9 months ago. Is it a new I.T. business model to just build quick thingies with the hopes of attracting a deep-pockets buyer? The end of the fairy-tale article reads like a script out of a movie and makes me want to puke.