From a recent-grad perspective, Yahoo fell far, far behind the rest of Big Tech on the desired employment scale. Part of this was for changeable reasons -- we've read in recent months about the larger offers and better perks that Mayer's been implementing -- but another huge reason is that Yahoo's workplace has a reputation for uninspiring people doing uninspiring work.
From all the anecdotes I've heard about Yahoo's workforce (and yes, I realize they are merely anecdotes) -- the subpar engineers should be worried, but the great engineers should be excited.
I'm definitely in the latter. I've watched Yahoo lose so many great people, especially last year. This is a good thing for Yahoo.
All we've seen so far is external projects get big money and attention. Where's the internal projects that would make working for Yahoo exciting?
Right now I'd rather be working for a company that planned to compete with Yahoo.