[Damien]

If it happens it will be interesting to see how they merge.

I think Yahoo will stay it's own entity and for a lot of respects appear independent. I think that Microsoft will take over their search engine and rebrand it 'Live' and that will be used as both the MSN main search and Yahoo main search.

Yahoo as a portal will still exist, as well yahoo mail (imo). Yahoo Messenger will simply give way, slowly, to Windows Live Messenger. Other than that, a few logos at the bottom of flickr, yahoo etc and no other change