You know, as much as people say a Microsoft acquisition is inevitable ultimately diluting whatever spice Yahoo! may have left, I think there's a chance for Yahoo! to emerge with much more force.
With Buzz, Fire Eagle, etc., their recent dabbles with Google, exceeding revenue expectations, and the prospect of going under, this situation may serve to provide Yahoo! with motivational and creative drives to create really cool applications and services. The drive people can acquire when they realize the severity of the situation and what's at stake can be astonishing.
So, for me, I'd wait it out. Some really innovative things can come of this.