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In July 09 it was announced that Microsoft's search engine, Bing.com, will be powering Yahoo searches. This means that there will be one pay per click interface (Microsoft AdCenter) and the organic/natural results will be entirely based on the Bing ranking factors.
In terms of market share it's said that Bing and Yahoo will have over 30% of the search market. From the stats we see, and we see a lot, we'd say that Google's market share in the UK is more like 85%.
There's a lot of traffic on Yahoo's portals (mail, news, etc) and no doubt that's included in their traffic stats.
Anyway, what this means is that it will be easier to reach a wider audience with only two sets of keywords, settings, etc (I.E. Google and Bing/Yahoo).
We're yet to run a Yahoo or Bing only campaign but we do run a number of Google-only PPC campaigns. For certain sectors there is definitely value in running campaigns on either because they have a slightly different demographic. We haven't analysed it fully but it seems more females use Bing and Yahoo in certain sectors (retail for example) the conversion rate is higher than Google - the only problem is that there isn't anything like as much traffic!
In summary, Yahoo being powered by Bing is a good thing for business.