After officially announcing that AOL was going to be spun off yesterday, Tim Armstrong, the CEO of the Time Warner online unit, held an all-hands meeting for employees today.

BoomTown reported the details of the new structure of AOL yesterday, which the former Google advertising exec discussed at the gathering.

Here is a quick synopsis of the meeting, which included a focus on content, advertising and making AOL’s acquisitions work better via a new ventures unit.

Also, a dash of Googleyness.

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The game of executive musical chairs among Web companies keeps on going, with sources telling BoomTown that AOL ad head Lynda Clarizio will be departing the online service and be replaced by former high-ranking Yahoo advertising exec Greg Coleman.

The move at AOL, which has been in the works for only a week, could be announced as early as today, although I have been hearing rumors of such a development since late last week.

Both AOL’s content and communications units have been getting an overhaul of late, and now it seems it is time for its lackluster ad business.

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Here is the letter AOL CEO Randy Falco has penned to the entire staff about its layoffs of 10 percent of its workforce–or 700 people–and other cost cuts, which the online service is announcing today.

“We’re at a pivotal point in AOL’s transformation, and need to be even more strategically focused and operationally efficient as we weather the economic storm,” wrote Falco, in part, about the move.

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As has been copiously reported here and all over, Yahoo and AOL have been engaged in never-ending talks about a possible deal to merge their flagging Internet businesses.

Now, sources tell me, the circle of executives at both companies interfacing with each other has been widened, for purposes of due diligence.

That includes Yahoo CEO Jerry Yang, who is in New York this week–where AOL parent, Time Warner, is located–to meet once again with its CEO, Jeff Bewkes, to see if they can actually complete the merger.

Now, all this frantic activity does not mean a deal will necessarily be struck.

But it is just this kind of ramped-up blabbery that has many at both companies predicting that a deal will go through, sooner or later, as soon as Time Warner and Yahoo can agree on a price.

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Yesterday, in what feels to BoomTown to be a deeply petty move, Time Warner said that it had blocked former AOL head Jon Miller from being considered as a possible Yahoo board member.

The reason is a noncompete Miller signed, part of a severance agreement he reached with the media giant after it unceremoniously tossed him out in late 2006.

A Time Warner spokesman said Miller was barred from working “for a variety of competitors, including Yahoo, until March of 2009.”

Like it matters.

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Everybody remain calm.

While it might have looked like it was the rapture for major Internet players yesterday–what with everyone and his mother getting sucked up into the Yahoo-Microsoft takeover tussle and disappearing into the ether of confusion that now reigns over the situation–it is best to keep moving toward the light of harsh reality for illumination.

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After its AOL division paid out an insane $850 million for social networking site Bebo yesterday, one had to wonder if the true digital legacy of Time Warner will be as the perpetual gravy train for legions of Web players.

It certainly seems that way from the original AOL execs who “merged” their company with Time Warner in 2000 and cashed out at the peak right after the deal to the series of ad networking startup entrepreneurs who got acquired, took their payouts and skidaddled right on through to the two founders of Bebo–Michael and Xochi Birch–who didn’t even stay long enough for a latte after grabbing their chunk of the payday Time Warner was handing out in crisp bank notes for the social networking site they founded.

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