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According to the Yahoo Local & Maps Team, your entry will be running in 24-hours.
They also are supposedly encouraging user edits of live listings also. See full info on YBlog
The idea is solid. The implementation so far needs work.
Might be to keep travel affiliates from any shenanigans but it also prevents the corrected info from getting submitted.
I also understand that there's some contractual thing about editing some of the listings. That's why the edit button isn't always there. They're also working that, but it involves lawyers so it's not going as fast as he'd like.