Yet on Yahoo “Adsense” launch — No word

I received an e-mail from Yahoo yesterday, sent to their “Publisher Notification” checklist. I was excited and hoped it would be a message inviting me to join the fresh Overture ad syndication program. Unfortunately, it just stated that that program is still not ready and invited me to check out Yahoo’s latest search features.

The more I think regarding it, I wonder if Overture (ok, I need to start calling it Yahoo) will be able to compete on keyword bids with Google. Sure, they have high bids for search results, but have you looked at their pricing for content? It’s much lower. Google makes you bid once for both search and content, Yahoo makes you bid separately. As a result, few people bid on content. There are some highly competitive terms with only a couple bidders. How will this convert to money for publishers?

Thoughts?