That was the question put bluntly by Wired magazine editor Chris Anderson, he of The Long Tail, to Daniel Rosensweig, COO of Yahoo during an American Magazine Conference session that, ironically, was followed by one with Google ad VP Tim Armstrong.

Rosensweig, who now finds himself battling the Yahoo vs. Google comparison in a new, YouTube light, sidestepped the question, pointing out that Yahoo properties Flickr and de.li.cio.us, once buzzed-about Web properties, are perceived to lose their buzz despite performances. "Things are hot until they are bought; then no one talks about them."

"Unfortunately, perceptions do matter," Anderson said.

The perception of Yahoo at AMC was, unfortunately, one of lacking "mojo." The headline of a front-page Advertising Age article — delivered to the rooms of AMC attendees — read: "Yahoo needs to find its 2.0 mojo; online display won't cut it today." Earlier in the day, R/GA CEO Bob Greenberg compared Yahoo to News Corp.: "How did Yahoo begin looking old and Rupert Murdoch begin looking young?"

FishbowlNY will be blogging live this week from the American Magazine Conference — the annual pow-wow of high-powered magazine executives — at the Arizona Biltmore Resort & Spa in Phoenix. Check back often for our extended coverage.

FishbowlNY's AMC 2006 Coverage: