I don't blog about work much, but it's difficult to read that many talented people are leaving Yahoo! lately (here, here, and here). When I was luckily enough to join Yahoo! in 2002, I was met with a work environment very similar to my first Silicon Valley job. The company seemed full of energy, wanting to make big impact on the Internet, more so then it had so far. It was exciting to be a part of Yahoo! and you could feel that throughout the company. The campus always seemed to be alive with energy.
Around early to mid-2004, if I recall correctly, the feeling within my specific group changed. What once was an exciting energetic team, became a stiff corporate group. I can't say whether this was felt throughout the company, but I'm sure it could have become infectious. The change in work culture may have been needed for the company, but the company's focus, and soul, was lost with the change.