Yahoo! is finally starting to charge for their mail forwarding service. Last year Yahoo! was able to grind out a grand total of $3.25 per user (all 220 million of them), so they're looking to make a bit more money from the "active registered users" (who number around 86 million, or 39% of total users).

Management aims to get 35% of revenue from non-advertising sources; that figure stood around 25% last time I checked. The stock is now trading at 200 times this year's estimated earnings. If that seems rich, remember that YHOO fetched $250 a share at its peak.

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