Guess what? It’s yet another online company going gaga over Twitter integration–this time LinkedIn is announcing a partnership with the microblogging service.

Microsoft (MSFT) and Google (GOOG) recently announced various ways they were lacing their various services with Twitter’s feed, mostly around search.

But LinkedIn’s partnership with Twitter is a little more robust and will roll out to everyone on the business networking site, according to a blog post by Allen Blue, LinkedIn’s co-founder and VP of product strategy:

“The idea is simple: When you set your status on LinkedIn you can now tweet it as well, amplifying it to your followers and real-time search services like Twitter Search and Bing. And when you tweet, you can send that message to your LinkedIn connections as well, from any Twitter service or tool.”

I spoke to Blue yesterday, and he said the deal was good for both sides.

“We want our users to get the broadest distribution possible to find what they are looking for,” said Blue. “And Twitter is trying to find ways to increase the value for business people on Twitter.”

Here is LinkedIn co-founder and Chairman Reid Hoffman and Twitter co-founder Biz Stone talking about the peanut butter and chocolate of it all in an adorkable video (it made me hungry, so excuse me while BoomTown goes and raids my kids’ Halloween stash):

Last week–in a clear sign that BoomTown has spent way too much face time in front of the idiot box–I compared the endless bickering back-and-forth between Yahoo CEO Jerry Yang and Microsoft CEO Steve Ballmer to the annoying push-me-pull-you antics of Ross and Rachel on the television show, “Friends.”

But the continuing discussions between Yahoo and AOL execs over the merger of their struggling online companies have their own TV comparison–the never-ending roundelay on “The View.”

In other words: Blah, blah, blah. Chitter-chatter. Pointless arguing. Chin-scratching. More blah, blah. More chatter. Blah.

Thus, there were still more discussions going on at Yahoo HQ this past week about the possible deal, in which Yahoo is code-named Yale and AOL Amherst.

Along with Yahoo CEO Jerry Yang and President Sue Decker, the key Yahoo (YHOO) execs involved in pushing forward the effort, are U.S. head Hilary Schneider, and Greg Mrva, a former investment banker and analyst who is in charge of mergers and acquisitions at the company.

As I previously wrote, the main suits involved in repping the Time Warner (TWX) unit are AOL President Ron Grant and Time Warner M&A SVP Jim Burtson.

“More of the same discussions about how it would all integrate,” said one source close to the situation at Yahoo. “Same as always.”

Added an AOL source, in what I consider the understatement of the year: “There has not been a lot of clarity in decision-making at Yahoo.”

Big surprise: Still no deal!

That’s unusual to me, since all the true obstacles–namely, the collapse of the controversial search advertising deal Yahoo tried to strike with Google (GOOG), AOL and Yahoo’s results coming in as weak as expected and, lastly, a definite lack of interest from Microsoft (MSFT) to rebid for Yahoo–are no longer in the way.

And, of course, Yahoo’s share price–the stock has settled into the depressing $11 to $12 range that gives the company a $15.7 billion valuation–is simply not going up any time soon.

So, if the deal is to be done, the price–or percentage, really–will probably have to be based on today’s reality, which is a very bleak outlook in the graphical online advertising business in which Yahoo plays most strongly.

That’s why dithering is a problem for this possible marriage, despite all the obvious complexity.

For one, it takes all the air out of any momentum such a combination could produce for either Yahoo or AOL, which will be much needed in the current economic environment.

In fact, such an econalypse is actually the perfect cover to try to pull this turnaround–and it is exactly that–off, given few investors or media will expect much from the merger for a while and be more forgiving.

In addition, the slash-and-burn integration needed to drastically refocus the new company–hopefully on three things only: advertising, content and communications–will be easier now more than later when the financial outlook improves.

“Things are going to get a lot worse than people think,” said one AOL exec. “So, this is a really good time for a reset and for cleaning things up.”

It is also easier now to bring in fresh ideas and new leadership to a combined Yahoo/AOL, as a new company will surely give many talented outside execs who have avoided both separately a reason to look again.

I could go on as to why this deal should move forward quickly, but here is one piece of great advice I got several years ago, from a well-known Internet entrepreneur whose company had just taken a big gamble by buying a controversial but fast-growing start-up in a key category.

At the time, many decried the move as too risky and too pricey and too thoughtlessly done. When I asked the exec about this, he did not argue, but offered this:

“No one really knows how anything is going to turn out, no matter how long they think it through,” he said. “But, I believe it will all work out if we execute well on the promise, because I did know one thing for sure: It was the right direction.”

And, indeed, while you can puzzle over a map endlessly, knowing the right direction to go in is the only thing one can be sure of in almost any circumstance in life.

Therefore, all Yahoo and AOL have to do is pick a path–whether it be to move on or merge–and just go.

By tomorrow would work for me.

In the meantime, below is a video I did of Yahoo’s Yang onstage at the Web 2.0 Summit in San Francisco last week, talking about the travails of the last year.

It includes him saying Microsoft should still buy Yahoo, which felt a little too much like a plea to me. (I happened to be sitting next to some Microsoft execs during the speech and they did not look too moved by the begging.)

But judge for yourself–here’s the video (yes, the Web 2.0 Summit organizers did flash a picture of a jar of Jif peanut butter as a joke–ha, ha, referring to the infamous Yahoo “Peanut Butter Manifesto”):

Jerry wrote: yahoos,

it’s time for another update.

Translation: Yep! Still no adult punctuation! We might continue to face serious big-boy issues at the company, but we refuse to give in on our insistence on kindergarten spelling patterns.

In that vein, would you like a nice cold glass of chocolate milk before I get to the bad news?

Jerry wrote: as a company, we’ve made some great progress this year. while it hasn’t been easy, especially in light of the challenges we’ve faced (not to mention the current downturn in the macro economic environment), we’ve accomplished a tremendous amount and we’re all working hard to continue executing on the company’s strategic plan.

Translation: As a company, we have managed to avoid disaster more times that Serena and Dan have broken up and reunited on one episode of “Gossip Girl.”

We’re foiled Steve Ballmer of Microsoft (MSFT)! We’ve co-opted shareholder activist Carl Icahn! We’ve pissed off investors like Gordon Crawford!

Much like Serena and Dan, who are arguably a lot sexier to watch in their state of complete plot paralysis, that all this has moved Yahoo (YHOO) precisely zero feet forward in terms of true changes at the company does not matter.

Jerry wrote: as we look ahead and to position us for success in 2009, we’re continuing the work already underway to get fit as an organization: actively looking for ways to make process and structural changes to our business that will allow us to work more efficiently, with more scale. we’ve enlisted the help of Bain & Co. to work with the leadership team on identifying ways to leverage our strengths, and to improve and accelerate our performance. we all know and experience parts of yahoo! where we can do better and be more agile in a competitive marketplace. this is consistent with what you told us in the YEES survey conducted in may–we need to find easier ways to work within yahoo!, and more importantly, create an even better experience for our customers and users.

Translation: Here come the weasel management consultants!

By saying “actively looking for ways to make process and structural changes to our business that will allow us to work more efficiently,” we actually mean layoffs.

By “identifying ways to leverage our strengths, and to improve and accelerate our performance,” we actually mean learning how to make layoffs.

By “we need to find easier ways to work within yahoo!,” we actually mean having the weasels, oops, Bain, tell us the best way to get rid of people via … layoffs!

Jerry wrote: each one of us will play an important role in this process. in the coming weeks, we’ll be soliciting your input and feedback. i want to know how we can improve the way we work with each other, and the way others work with yahoo!.

Translation: While the famous “Peanut Butter Manifesto” by Brad Garlinghouse (who laid himself off!) outlined all this and more years and years ago, we’d like you to tell us the best way to fix what’s broken, even though that has been, well, the presumable job of management.

Also, if you have any thoughts on who we should lay off, please do not hesitate to put your suggestions in the purple boxes we have placed strategically throughout the campus (and stuffing ballots with my name on them will not count!).

Jerry wrote: i know that yahoo! can benefit greatly from more discipline among all departments and functions, across the company. longer term, getting fit now will enable us to be more successful moving forward.

Translation: Discipline = layoffs. Getting fit = layoffs. But just think how lean and trim we’ll look when it is all over!

Jerry wrote: thanks,

jerry

Translation: Thanks and please don’t forget to take your complimentary purple Yahoo cozy on the way out! (The Bain people said it would be a nice touch.)

And, as an added plus, here is a decoding of the fully-punctuated statement Yahoo PR guy Brad Williams made about rumors of possible layoffs at the company:

Brad wrote: Yahoo! has been exploring ways to streamline our processes and bring new agility and efficiency to how we work as an organization. As part of this effort, we have engaged Bain & Co. to help us identify opportunities for improvement. This work is well underway, with the ultimate goal of positioning Yahoo! to achieve long-term, sustainable growth.

Translation: After I am laid off, I think we can all agree that this kind of stunning verbal acrobatics is sure to impress the folks over at Dunder Mifflin, where I hope to work next.