A very good article outlining some experimentation the author did on comparing Google AdWords to Yahoo Search Marketing ads. Google wins on this one.
Clearly then, Google AdWords is a better choice if you are interested in clicks, impressions, and conversions. If you want the lower cost per click for the same position, it would seem that Yahoo is the better choice (though conversions are lower).
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ADDENDUM: we had a conversation yesterday with an SEO specialist from Superpages.Com, and he disagrees; he says Yahoo ads convert better overall than Google. Interesting.
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