Also via apophenia--initial impressions of Yahoo 360:

360 will be invite-only but they are not seeding through employees, rather, they are seeding through active Yahoo users. This is actually very important because frankly, 360 isn't meant for people like me (or like you). It's meant for your average not-technically inclined individual who is scared of blogging but wants to share their thoughts, photos, and recommendations with their friends. Thus, before we all get into a blogizzy, it's important to remember the target.

The feature set that i saw included integrated YIM, a blogging tool, a recommendations engine (linked to local), photos (linked to Y photos, not Flickr) and a social network. It's all very integrated and emphasizes Yahoo products (although they were talking about connecting it with other products and they are doing some RSS stuff). Throughout all of this are heavy controls for privacy/publication, although it is all strict categorization schemes where you can make things available to groups (think: LJ).