I've had the 'new' Yahoo for a couple months now. Very nice page layout IMO. Most of the main content areas logically arranged down the left-hand side. And I really like the way when you mouseover things like Mail, Weather, Local etc on the right-hand side how it gives you a snapshot preview of the info. I still use Yahoo as my home page as I like having all that info one click away.
I haven't used the new MSN much so I can't fairly comment. I do have to give them props for greatly improving their search results though. They're pretty much on par with Google and Yahoo these days.