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While it's premature to start adapting search strategies for Bing, it may be prudent to get a jump on the competition by doing research now in case the deal goes through.
I am NOT advocating changes to your site because a deal has not been announced. However it makes sense to look into Bing and make your evaluations and plan a strategy so that if this is what is coming down the road, you will be that much more ahead of your competition.
How well do you rank on Bing? You may want to research what factors influence Bing ranking and think about how that can safely be integrated into future optimization efforts if a deal with Yahoo is announced.
It's not all bad for Yahoo: they will get 88% of Bing's PPC revenues for the next five years.
I hope Y!'s Site Explorer doesn't disappear. It's really useful.
I'm very glad to see serious competition against Google. Google will be forced to actually pay attention to users and stop being so paranoid secretive.
What's the point of powering Yahoo!s search if Bing.com can attribute their brand - that's how they will build long term awareness and usability.
I realise that offically they get attributed traffic and reach - but it won't be true reach when the average dimbo-user will think it's still Y!'s and will never actually go to Bing.com to find out more.
Someone please tell me I read some rumour/conjecture only.