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One way, it helps by getting better rankings in YSearch. Some have claimed that it actually might help if they write a bad description, this may be the case, at least for Yahoo search.
However, many people do go to Yahoo's directory and check it out. I have personally a few times as well.. I got listed around December 28th, at least on certain international directories before having it carry over to the dot com.
I get around 10 visits a day from the directory itself. That isn't much if you look at it that way.. but 300 visitors/month or even 3650 visitors a year. That's quite a bit. That's around 10 cents a click if you had to pay the $300 entry fee.
Not only that, it helped out GREATLY in Google. And I mean... wow. In a few days I started getting one to two thousand more visitors PER DAY, from Google and Yahoo together. So instead of getting just 1000-1500 uniques/day, I started getting 2000-3500 uniques/day.
So basically, I get over 45,000 unique visitors/month just because of the Yahoo directory listing.
And best of all, I got in FREE.
Others probably won't see this great of a change. But for me, I'm very VERY glad they listed a page.
1) A Yahoo editor decides what your meta title and description will be and getting them to change it is like trying to herd cats. They always seem to go out of their way to give you the crappiest meta tags possible. It's ok if for your business name is your keywords, but if your company is "Non-keyword Co" but your keywords are "keyword keyword" Yahoo will without a doubt imortalize your meta title as "Non-keyword Co." They also screw up your meta descriptions gleefully.
2) Vis-a-vis what you could have for a year for $299, it's not worth it. You could get 30 links for the same price which would be far, far more beneficial if you choose wisely.
I feel that it also screws up one's sub-pages in Yahoo SERPs, but that's open to debate.