My personal reaction is that I hate the bevel. Hate. I was rooting for #10, which is a simplified and modernized version of their old logo.
But. I'm not a Yahoo user. Period.
The bevel immediately made me think of some brands you'd find on sale at Macy's, which mainstream America associates with quality, but which my artisanal-y brainwashed brain thinks of as mass produced junk.
Imagine for a second that Yahoo has research showing normal people reacting to this logo with words like luxury and high-class.
If that's the case, then Yahoo just pulled an epic branding end run. Google, Apple, and Microsoft are fighting to be the flattest, plainest, more boring brands. Then Yahoo stepped up and said, "Yo. Let's be fabulous together!"
In the old days, Yahoo's skunkworks Brickhouse division had posters in their break room titled "Know your competition" with pictures of Bill Gates, Larry Page, and Sergey Brin. Trying to copy the other tech giants was (one of) Yahoo's problems because the Yahoo teams couldn't celebrate what they were actually doing well.
The contrarian in me salutes Yahoo for this crazy, out of left field, gaudy, off-trend logo. Genius.