It's so busy, I have no clue what I'm supposed to be looking at. Things are popping up as I move the mouse, there's a video playing, there are tabs in the middle, down the left, on top, weather, stock quotes. Forget the logo, fix the site!
I think the implication here that Yahoo doesn't put a lot of thought into their landing page is disingenuous.
Keep in mind that the majority of Yahoo's consumers are people who have Yahoo as their home page.