Microsoft has abandoned its attempt to buy Yahoo!, having failed to reach an acceptable price and decided against a hostile takeover (which would have involved the legal equivalent of house-to-house combat and probably ended up with most of Yahoo's best people leaving for Google or someone). Across the world, millions of Flickr and del.icio.us users (particularly those who don't use Windows) breathe a little more easily.
Of course, it's not necessarily over; Yahoo's share price will almost certainly slump in the short term, and if their attempts to turn their business around don't bear fruit, Microsoft could come back a few months later and pick them up for less. Unless, of course, they buy AOL instead.