From Jason Calcanis:

And so ends the second chapter of search and begins the third.

Chapter one was inception up until the launch of Google.

Chapter two was Google’s rise and Yahoo’s death.

Chapter three will be the two-horse race of Microsoft and Google, with
the inevitable emergence of a third and fourth player.

That’s the silver lining for startups in all of this. As Google and
Microsoft lock into a dog fight for revenue and market share, leaving
the Yahoo carcass on the side of the road, the bevy of crafty startups
will get their chance to take the third, fourth and fifth positions in
this very important race.

The lesson for all startups–and BDC’s (big dumb companies)–is that
innovation is all you have. Once you stop innovating you lose your
talent and you lose the race. Never. Stop. Innovating. Never. Never.
Never.

Yup. Yahoo blew it.