The feature set that i saw included integrated YIM, a blogging tool, a recommendations engine (linked to local), photos (linked to Y photos, not Flickr) and a social network. It’s all very integrated and emphasizes Yahoo products (although they were talking about connecting it with other products and they are doing some RSS stuff). Throughout all of this are heavy controls for privacy/publication, although it is all strict categorization schemes where you can make things available to groups (think: LJ).