Google and Yahoo set to make a BIG announcement at 1:30 PST

A joint press conference is set between the top two search firms and speculation about the announcement is abuzz around the net. An insider at one of the companies is saying that they will be announcing an official search partnership and the departure of a top Yahoo! executive. The partnership will have Yahoo! outsourcing possible all of its search marketing (and maybe search) to Google.

What does this mean for the internet as we know it? Does Google really need control?

Any thoughts?

UPDATE: 3:26  Yahoo!  announces a non-exclusive online advertising agreement with Google