My thoughts? It's a drastic improvement over what they've been using for ages. Everything seems readily available directly from the front page, and the tabbed-base approach for news and top stories is great. I love the icons they're using on the left hand navigation bar, and Flickr is front and center (at least for now) in Yahoo Pulse with a box on the bottom right hand corner of the page showing the latest in "interesting" photos.
Will I use Yahoo? No. Despite all the crummy stuff Google has been doing as of late, I'm still a dedicated Gmail user and the Google search engine still provides exactly what I'm looking for, every time out of the box. I won't deny that Yahoo has improved leaps and bounds in the past two years, and some folks will use it until the cows come home, but it's still not enough for me to use on a regular (or even semi-regular) basis.