Bang in their name or not, it’s hard to get excited about Yahoo! Even after a year’s worth of commentary following Brad Garlinghouse’s peanut butter manifesto, I still don’t get their corporate strategy or see any forward progress. Maybe I don’t care enough about their brand to pay attention any more.

That said, I’m at Flickr every day. And upcoming. And del.icio.us. And MyBlogLog. And if Y! could pull off a Twitter acquisition, they’d have all the components for a fundamentally improved social experience (and the perfect mouse trap for my online attention).

Presence. Check.

That’s right, I included MyBlogLog in a short list of apps that I hit on a daily basis. I won’t try to change your mind on the service itself, but if ever there was an app that almost implemented the foundation for the perfect social network, it’s MBL.

MyBlogLog decentralizes presence. There is no log in wall, no data lockdown, no single destination. Just a networked profile and a footprint that surfaces on participating services. It’s a simple idea. But it’s fundamentally better than the opposite approach of old networks like facebook.

So, assuming MBL & Y! realized their full potential, you’d no longer have to play constant gardener to profiles scattered across the internets.

Content. Check.

I’ve mentioned before that I don’t produce content inside closed networks. My blog posts, Flickr streams, Tweets, bookmarks, etc, are all available for re-syndication. So, hypothetically, I could roll all my content into a single-point stream of consciousness and call it my online me.

But I prefer the idea of leaving it in the field. My Tweets have more context with friends than without. My Flickr photos are organized in sets, collections, and groups. My bookmarks are tagged. My events list other attendees. My posts have comments. (Sometimes.)

In other words, content has more meaning in its native habitat. (Much of that habitat being Y! properties.) And as much as I dig Jaiku, I think a lifestream could be a lot more than a blended river of xml.

Connections. Check.

Far be it from me to criticize anything that Microsoft values at greater than $15B, but my issue with facebook is that I have to be a registered facebook user and facebook friend of another facebook user to interact with them inside facebook. What if we’re already Twitter pals? Facebook doesn’t care.

Yahoo! could care. With very little effort. It could see that I’ve friended / followed a member of one of its niche communities and extend that connection throughout its properties. It could show me streams from friends specific to events I’m attending. It could let me know when friends are in my vicinity. It could do more. And with MBL, they could extend this even further.

Yahoo! remains a player. I wonder if they’re aware.