I've noted the lack of buzz about Yahoo recently, now the NYT is getting into the discussion.

“It’s hard to figure out what they want to be when they grow up, even though they are grown up now,” said Tim Hanlon, a senior vice president of Denuo, the media futures consulting arm of the Publicis Groupe. “Are they a content company? Are they a services company? Or are they a portal to other things? You ask three people and you may get three different answers.”

Current and former Yahoo employees say the company has been bogged down by bureaucracy and internal squabbling. For example, the media group, which handles video programming, and the search group, which has a system to find videos on the Web, both wanted to offer a service for users to upload their own video clips. The search group won, but the delay allowed YouTube, a start-up, to dominate the market.

“When you become Yahoo’s size, you become a little complacent, a little fat and happy,” said Youssef H. Squali, an analyst for Jefferies & Company.

From the sounds of it, Yahoo picked up Flickr and del.icio.us and thought they would bolster Yahoo 360 (which was sadly a failure).  What's next?  With the Panama ad system launched ahead of schedule, I think Yahoo is getting ready to make a splash.  The question is, where do they go and who do they target?