There’s no question Yahoo owes longtime veteran exec Ash Patel a lot, as it has grown into a global Internet behemoth.

Since getting to the company in 1996–which essentially means he was present at the creation–Patel (pictured here) has, as the corporate page on its top execs notes, played “key roles across the company including architecting MyYahoo!, Yahoo! Finance, Yahoo! Messenger, Yahoo! identity and the user database, and many other products that continue to impact millions of Yahoo! users.”

Now as EVP of the Audience Product Division, he presides over pretty much all of Yahoo’s well-known consumer products, from its homepage to its email to its search to, more recently, the product development of its media offerings.

But, because of his longevity, vast purview and clear impact on the company, Patel has also become a symbol for many inside Yahoo (YHOO) right now, who mention him most often in the should-he-stay-or-should-he-go-now debates about the future of the company and who should be in charge of that.

Thus, Patel’s fate is seen as a key indicator of what is to come at the company, especially whether he and it can change with the very fast-changing times. While his love and loyalty to Yahoo are unquestioned, like many at Yahoo, can he be a true agent of change who could upend all he has built?

The big question, of course: Can old Yahoos learn new tricks?

That, of course, is all now up to new CEO Carol Bartz, who is busy restructuring the company to her liking, in decisions that are about to come down after only six weeks into her tenure.

Bartz is clearly casting herself as the agent of dramatic change and speed, as she noted that in a recent memo to staff:

What does this have to do with the need for speed? Many of the things I just talked about could have and should have been decided earlier but we haven’t been an organization that has embraced the need for speedy decisions, even when they are the tough ones. We can all be part of changing this and getting back to an organization that is fast on its feet.”

With the reorganization in flux, even as big departures occur (mobile head Marco Boerries today, for example), it could start to feel like the rapture at Yahoo, as the old ways make way for, well, the unknown.

Right now, it seems Patel might stay, reporting to CTO Ari Balogh, who is about to also get control over all of Yahoo’s products. Previously, Patel reported directly to outgoing President Sue Decker.

But others are convinced he will go, if not right away in the current upheaval, then soon enough, with Bartz and Balogh on the hunt for a crackerjack new outside product exec to take over and, more importantly, take a fresh look Yahoo’s many offerings.

That’s been Patel’s job for a long time, after a long rise to the top from when he arrived from Oracle (ORCL). He’s been SVP of platform engineering, chief product officer and EVP of the Platforms and Infrastructure Division, before getting his most recent title in one of Yahoo’s umpteenth reorgs.

“Ash is the symbol of old Yahoo, and now he is really actually one of the only ones with longevity in top management,” said one person at the company. “What happens to him–whether he stays and transforms or simply goes–says a lot about the future of Yahoo.”

Here is a video interview I did with Patel recently about the launch of some open and social-networking initiatives at Yahoo (Front Doors head Tapan Bhat, who reports to Patel, is also in the video):

Microsoft officially rolled out the next version of its Windows Live Services tonight, with a heavy emphasis on socializing its online offerings and giving users better tools to share all sorts of information from across the Web within them.

Microsoft (MSFT) said the changes–similar to those made by Yahoo (YHOO) and Time Warner (TWX) online unit AOL recently–would “begin rolling out to customers in the U.S. over the coming weeks and will be made available globally in 54 countries and in 48 languages by early 2009.”

You might call its the “Facebooking” of Windows Live, which is the brand name for Microsoft’s communications and other related online services aimed at consumers, especially because the much anticipated changes also include a new profile and a “What’s New” feed.

So, if imitation is the most sincere form of flattery, Facebook CEO Mark Zuckerberg should feel beloved by Microsoft, since both are direct borrows of two of the social-networking site’s most prominent features.

(See many screenshots of the newly refreshed Window Live services below.)

But don’t call it a social network, said Brian Hall, who is the general manager of the Windows Live unit, in a lovely breakfast interview with BoomTown yesterday.

“No one wants to sign up for another social network,” said Hall. “But everyone does want to be able to share and bring together all they do on the Web, and we want to make sure all our users can do that in the easiest way possible.”

(Sadly, the video I did with Hall–who is Seth Rogen lookalike, and I mean that in a good way–got eaten up in my new Flip MinoHD software, which was entirely due to my boneheadedness.)

But, in it, Hall underscored that Microsoft is now fully committed to opening Windows Live Services up to whatever consumers want to do with their online lives and wherever they want to do it.

And, indeed, the “next generation” of Windows Live will inject social elements into its Photo Gallery photo sharing, Hotmail email, Spaces groups and Messenger instant messaging offerings, as well as Microsoft’s calendar and mobile products.

The move will also more significantly integrate many third-party partners into the mix. Microsoft’s outside partners announced tonight include Flickr, LinkedIn, Pandora, Photobucket, Twitter, WordPress and Yelp. (See the full list below.)

Microsoft also announced alliances with Hewlett-Packard (HPQ) and China Telecom to deliver Windows Live services.

Microsoft says there are more than 460 million Windows Live customers (its instant messaging offering accounts for a bulk of this number and will see the most socializing impact), but is bowing to the obvious and inevitable trend of consumers creating and sharing all over the Internet.

But, said Hall, Microsoft is also sticking to its mantra of “software plus services” here, noting that consumers want the existing tools they use now regularly to become more social, rather than having to abandon them.

Microsoft is also launching its Windows Live Essentials, which are free widgets that can be used across a range of devices and places, such as personal computers, mobile phones and on Web sites.

Finally, to let users store all that content and information, Microsoft said it is also increasing its Windows Live SkyDrive online storage offering from 5GB to 25GB.

Here are the screenshots of the new Windows Live services (click on them to make them larger):

Windows Live Home Page

Windows Live Profile Page

Windows Live Messenger Page

Windows Live Web Activities Page

Windows Live Groups Page

Partner Integration for Windows Live

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