Update: As we reported months ago, Yahoo and Microsoft hope to get their search/advertising integration in place in time for the holidays. The Wall Street Journal has now confirmed that this is still the case.

Original Article (03/09): Yahoo’s line of thinking with regards to the big Microsoft/Yahoo search and advertising deal is that it will benefit both Microsoft and Yahoo’s advertisers, as well as consumers and publishers.

It will benefit advertisers because it will increase search volume, with results from both Bing and Yahoo being taken into consideration. It will benefit consumers because by combining advertisers from both properties, there will be a greater pool to deliver sponsored results from, which Yahoo says will mean increased relevance. It will benefit Yahoo, Bing, and their publisher partners with increased liquidity, participation, and relevance. That is basically the sum of it, according to Yahoo Vice President of Search Advertising David Pann.

WebProNews recently sat down with Pann and discussed these things and how the deal will affect advertisers.

According to Pann, the migration across all international markets will occur over the next 24 months or so, but they will not rush it at the expense of quality, they say. "Our focus is really about developing a plan that is smooth, seamless, and with quality. So we anticipate doing the U.S. migration sometime before the holiday season in 2010," says Pann.

In the above interview, Pann goes on to talk about how things will be split between Yahoo and Microsoft. He also addresses some privacy concerns, related to data sharing between the two companies.

WebProNews also interviewed Yahoo Sr. VP of Search Products Shashi Seth and Director of Search Marketing David Roth, both of whom talked about the deal in more detail. You can catch both of those interviews, as well as a recent keynote from SMX West where the deal was also discussed, here.