There is a lot that is retro about this design - the chiselled typestyle, the large and small caps. It is almost something Eric Gill would have approved of. (if you don't know of Eric Gill, think Gill Sans).
It's as if Yahoo has moved it's identity from the fun loving 50's to the power dressing 80's.
The old Yahoo logo brings to mind the popular afternoon TV shows from the 50's and 60's; The Flintstones, Top Cat, Leave it to Beaver, and Bewitched, while the the logo below is more Dynasty and Dallas. It signals the arrival of a corporate contender that's ready for business.
In the video below it is interesting to view how this logo was constructed. But no amount of precise font construction can substitute for visual placement by eye, and there is something about the letter spacing and placement of the 'Y' that seems not right.
More on the logo can be read here.