Yahoo has release Yahoo Pulse
It is an improved version of Yahoo profiles
It has all features facebook has and potentially more powerfull, you can liverage existing contacts in yahoo messenger and yahoo mail.
It has integration with other social sites like facebook.
Check it out.
Find more information at http://pulse.yahoo.com/_3SHZRE5ZB5GBICWXIPB4DJOPUY/blog/articles/183315