Yahoo unveiled a revamped online video destination, combining Yahoo's video search capabilities with new community features. The new Yahoo Video aims to compete with popular upstarts like Youtube, MySpace, and even google video. Perhaps more intriguingly, it offers feeds from existing Yahoo partners like iFilm and MTV as well.

Also new to the video offering is advertising. Pre-roll video ads, which are available on several Yahoo sites, most prominently Yahoo Music, are absent at launch. Clickz reports that "for now, the site includes banner ads on pages where Yahoo maintains editorial control, an issue that has kept many wary advertisers from warming to community-based video sites."

Yahoo definitely wants to be large in the social media space, acquiring both photo-sharing site Flickr and shared-bookmark community del.icio.us in 2005.