It is a bookmarking tool for mobile phones that lets people keep track their favorite Web content like news feeds, search results, Web sites all at one place in their handheld.
According to their press release, "Yahoo! onePlace(TM) will bring together a consumer's interests, passions and important information into a single location - creating a rich and highly personalized experience. Everything is instantly organized, dynamically kept current, and served to them the way they want. So now, the content they consume and the way they consume it will be hyper-customized to their specific preferences and tastes."
Yahoo! onePlace is expected to launch in Q2 2008.