What will it take to turn Yahoo! around?

Yahoo! has hired Marissa Mayer as the company’s 5th CEO in as many years. Yahoo! is still a world recognized Internet brand, but it is also widely viewed to have lost its edge. Previous CEOs had set a vision for Yahoo! to be the content provider of choice on the Internet. But so far that really hasn’t paid off, and Yahoo! is now famed for me-tooism rather than for cutting-edge innovation.

Can the new chief, Marissa Mayer, overcome the daunting challenges she will face? Yahoo’s posted disappointing Q2 results show. Do you think she can turn the Internet icon around? If you were called in to advise her, what would you suggest she do to revitalize Yahoo! as the Internet destination of choice?