Yahoo! is buying Flickr:

Holy smokes, SOMEBODY out there is bad at keeping secrets!! Yes! We can finally confirm that Yahoo has made a definitive agreement to acquire Flickr and us, Ludicorp. Smack the tattlers and pop the champagne corks!

Woohoo! What does this mean? It means that we'll no longer have to draw straws to see who gets paid, schedule conjugal visits between trips to the colo....wait! That's not what you want to know. This is what you want to know:

What is going to happen to Flickr?

Flickr will be continuing on the path it's on -- to Flickr 1.0 and beyond. We'll be working with a bunch of people that Totally Get Flickr and want to preserve the community and the flavor of what is here. We're going to grow and change, but we're in it for the long haul, with the same management and same team.