Hopefully an alliance between MS & Y! would give them more resources to pool together to better compete against the 800 pound G-orilla!

think about how that can safely be integrated into future optimization efforts if a deal with Yahoo is announced.

How well do you rank on Bing? You may want to research what factors influence Bing ranking

so that if this is what is coming down the road, you will be that much more ahead of your competition.

However it makes sense to look into Bing and make your evaluations and plan a strategy

I am NOT advocating changes to your site because a deal has not been announced.

it may be prudent to get a jump on the competition by doing research now in case the deal goes through.

While it's premature to start adapting search strategies for Bing

If true, this change may cause a disruption in your traffic and earnings, and call for a reconsideration of search strategy.

This will enable Yahoo to save money on Search R&D.