Finally.

After a decade of competition, several years of push-me-pull-you partnership talks among innumerable execs come and gone and even a hostile takeover that went bad, Yahoo and Microsoft have officially struck a landmark 10-year search and online advertising deal.

While it is in no way as sweeping as some had expected, the deal marks the most important union of digital companies in recent times.

“In simple terms, Microsoft will now power Yahoo! search while Yahoo! will become the exclusive worldwide relationship sales force for both companies’ premium search advertisers,” said the two companies in a joint press release.

Here are the particulars.

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In what many sources at the company said is a major push, Yahoo is working on a massive plan to overhaul its brand in order to repair a damaged public image and focus consumers on what defines Yahoo.

The effort is being spearheaded by newly installed Chief Marketing Officer Elisa Steele, who has hired well-known brand consulting firm Landor Associates, as well as an outside consultant named Penny Baldwin, who was a former top exec at brand and ad giant Young & Rubicam.

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In exactly one week at 10 am PDT, Yahoo will hold its annual meeting in Silicon Valley, the first time when new CEO Carol Bartz will greet its shareholders in person.

She should prep carefully, as the event has been quite a drama over the last two years.

Here’s a rundown of what is likely to be on the minds of investors, including the status of the isn’t-it-rich-aren’t-they-a-pair relationship between Yahoo and Microsoft.

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In Yahoo’s fourth-quarter earnings conference call earlier this week, new Yahoo CEO Carol Bartz went out of her way to ho-hum all over the possibility of a search deal with Microsoft.

Of course, it was all cooked up and well rehearsed by Bartz, who knows how to play the expectations game as well as anyone else, especially as she endeavors to come up to speed on the various prospects for Yahoo going forward.

It’s called, um, playing chicken.

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One of the first things Carol Bartz said when she made her public debut as new Yahoo CEO was that everyone should give the company “some friggin’ breathing room.”

Some heard “frickin’,” while others heard “frackin’.”

Whatever the exact invective Bartz used, the tough talk was presumably designed for maximum impact to impose a definitive I’m-in-charge-here leadership style that had been sorely lacking at Yahoo for a long time.

But she is certainly going to need a lot more than that to convince Wall Street that she can cure what has been ailing Yahoo as it announces what will likely be a dismal fourth-quarter earnings report tomorrow.

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With Yahoo earnings expected to be dismal when the company reports fourth-quarter earnings this Tuesday afternoon, new Yahoo CEO Carol Bartz is going to have to hang tough.

And she certainly seems capable of that. At her first all-hands meeting, Bartz said, according to one report others have since confirmed to BoomTown, that she would “drop-kick to f***ing Mars” employees who leak to the press.

That threat sent little shivers up BoomTown’s spine too, which is why it must have taken so long for her first-week missive to Yahoo staff worldwide to get to my inbox.

Well played, Ms. Bartz, well played.

But turnabout is also fair play…

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Exactly what Microsoft CEO Steve Ballmer was talking to Yahoo Chairman Roy Bostock and Time Warner CEO Jeff Bewkes about last week in their mysterious New York tete-a-tete will likely be one of the many irksome questions execs at the software giant will be getting when it reports second-quarter earnings tomorrow afternoon.

With the expectation of weaker results and job cuts too, what investors are actually looking for from the company–much as this nation is from newly installed President Barack Obama–is a big dose of hope and change.

In Microsoft’s case, that would still be: the articulation of a clear online strategy.

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It wasn’t just Yahoo Chairman Roy Bostock and Microsoft CEO Steve Ballmer meeting in New York last week.

According to several sources close to the situation, Time Warner CEO Jeff Bewkes rounded out the trio of chit-chatting execs, presumably gathered to discuss possible partnerships and other deals between and amongst the companies whose digital assets are among the largest on the Web.

Although the possibilities are numerous, exactly what Bostock, Ballmer and Bewkes–let’s call them the Busy B’s from here on out–were cooking up is unclear.

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It took a lot of guts for Yahoo President Sue Decker to resign immediately yesterday and without the usual polite waiting period that happens in most major corporate management shifts.

In doing so, Decker left new CEO Carol Bartz with the cleanest slate she could.

It would be nice, then, if the man who was also just as, if not much more, responsible for the disaster that has been Yahoo for too long–Chairman Roy Bostock–would take a clue from Decker and outgoing CEO Jerry Yang and head out the door too.

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Oh, BoomTown really likes Carol Bartz as Yahoo CEO already.

In Yahoo’s conference call today, she has sternly lectured everyone to give Yahoo some “friggin’ breathing room” and noted that the company “frankly, could use a little management.”

The latter is stating the very obvious, but we like hearing it anyway, and she sounds like she is running the show already.

It’s like watching a digital version of “The Gladiator”!

Here is Boomtown’s live blog of the Yahoo call, starring Carol Bartz as its new CEO.

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As reported by BoomTown and others, Yahoo has officially selected former Autodesk head Carol Bartz as its next CEO, effective immediately.

In related news, Yahoo President Sue Decker is out, as Bartz also joins the board.

Cue the trumpets and fanfare! All hail the conquering Carol!

Well, maybe not, considering the dire straits Yahoo has been in of late.

But you can read all about it in the official release, while I ferret out the real information about what’s to come next.

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How did BoomTown forget former Autodesk exec Carol Bartz for Yahoo CEO?

Yahoo certainly hasn’t. According to several sources familiar with Yahoo’s search for a new leader to replace Co-founder Jerry Yang, the company is looking hard at the longtime and high-profile Silicon Valley executive.

Bartz is certainly an experienced tech exec and was chairman, president and CEO for 14 years of a company that makes design software. She also serves on the board of Cisco with Yang and on the board of Intel with Yahoo President Sue Decker.

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BoomTown’s got nothing, which is not something I like to say very much.

I am talking about the Yahoo CEO search, which is either being done by the Internet giant’s board in such elegant secrecy and with such amazing stealth that it is getting by everyone.

That or it’s business as usual for the Yahoo board, which so far has never met a challenge for the company it could not drag out painfully and with great public dithering.

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BoomTown really does hope that in some secret airport hangar right now Microsoft CEO Steve Ballmer and Yahoo CEO Jerry Yang are meeting, in order to hammer out a fair search deal that will benefit them both. I’d even insist that Yahoo’s noisiest board member, activist shareholder Carl Icahn, be there too, to make sure all sides were copacetic and there would be no last-minute switcheroos and backstabbings. Because, long ago in galaxy far, far away, what is now going on between Microsoft and Yahoo would have seemed inane.

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With Yahoo board Chairman Roy Bostock reportedly assuring investors and others that the company will have a CEO in place by the end of the year, it seems prudent for BoomTown to initiate an official Yahoo CEO Countdown.

After all, this column had a 100-Day No-Sacred-Cows Vision Quest to mark the time that Jerry Yang said he needed to give Yahoo a top-to-bottom look-see when he took over last summer as CEO.

So here’s today’s update: No Peter Chernin and a lot of thorny issues for other candidates.

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