And a quick one, too, without the troubles of figuring out how to make money off of Internet hipsters' self-indulgent ramblings. Karp has toyed with charging users for extra features, but it's not clear that adding fees would draw much revenue. Nevertheless, Tumblr was able to raise $4.5 million in December, an investment which reportedly valued the company at $15 million.

An incredible amount for such a young startup with such fuzzy hopes of making money. But it's a bargain compared to Twitter, a startup similarly unburdened by the depressing reality of actual revenues. Which is why Yahoo might, just might, be willing to part with as much as $50 million for it. (In a sad recognition of how late Yahoo is to the whole Twitter phenomenon, its PR department set up a Twitter account today.)

We hear the talks are serious, led by Tapan Bhat, a fast-rising executive in charge of Yahoo's homepage and other key properties — but as with any acquisition talks, they could fall apart. Fred Wilson, a partner at Tumblr investor Union Square Ventures and a Yahoo spokeswoman did not respond to inquiries about the talks. In a text message, Karp, confirming his reputation for adorably juvenile sarcasm, wrote, "You got it backwards."

What could kill the deal: Already, Yahoos are grumbling at the idea of spending tens of millions of dollars on a revenue-free startup. The company's spending spree on Web 2.0 startups like Del.icio.us and Flickr has yielded few visible financial results. Some grumble that has more to do with Yahoo's mismanagement of the acquisitions, but the point is the same: Why should Yahoo spend more on startups, having failed to profit from the ones it already bought?

And there's also new CEO Carol Bartz, who is waging a pointless jihad on leakers. She may be angry enough that word of the talks has escaped Sunnyvale that she may kill the deal for that reason alone.

Update: Awww, Karp is adorably denying the rumor of Yahoo's interest in his company! Then again, he also claimed Tumblr was buying Yahoo, so who knows what to make of anything that comes out of his so-cute-you-could-pinch-'em cheeks? His lead programmer, Marco Arment, is also perkily insinuating that he would quit if Yahoo bought the company:

I hope they let me work on some of the many exciting projects at Yahoo! Who needs a high rank at a small company in New York? I want to move to California and get stuck in traffic every day on the way to my midlevel engineering job where I sit in a cubicle all day and can't make any product decisions while working on something nobody will ever see to manage regional ad clickthrough stats tracking.

• Loathed EVP Ash Patel will head up Global Products group.
• Global Partner Solutions EVP Hilary Schneider will oversee both ad sales and product development for the entire US region and be Patel's peer.
• Scott Moore, who runs the Yahoo Media Group, will report to Schneider. Though he has startup offers.
• Brad Garlinghouse will probably leave by the end of the summer.
• Yahoo Search’s Vish Makhijani will leave the company.
• Front Door head Tapan Bhat will either report to Patel in Global Products or bolt.
• Yahoo SVP for Strategic Alliances, Chris Bolte, will leave the company.

Brad Garlinghouse: The obvious candidate; a former CEO, Garlinghouse wrote a controversial "Peanut Butter" memo calling for Yahoo to focus on fewer products and do them well, a strategy Yahoo has followed. He currently oversees communications properties like Yahoo Mail and Messenger, which are shaping up as the centerpieces of Yahoo's attempt to catch up with Facebook and turn its user base into a social network. The odds-on favorite to succeed Weiner.

Scott Moore: The head of Yahoo's Media Group, overseeing properties including news, finance, sports, celebrity portal OMG and women's site Shine. Not in the running, we think: He was only recently promoted, and he likes living in the L.A. area, where the Media Group is based.

Vish Makhijani: Runs Yahoo Search. No chance; given the performance of Yahoo in the search market, it's not clear why he has his current job, let alone why Jerry Yang would give him a new one.

Tapan Bhat: Runs the Yahoo.com homepage and My Yahoo, among other "front doors." Bhat keeps a low profile, but he recently launched Yahoo Buzz, a Digg competitor which has been well received. The most likely scenario for Bhat: Garlinghouse gets promoted, but Bhat gets handed his communications and community portfolio. We'd like to see what Bhat does with sites like Flickr, whose product development has stagnated. (How long did it take to launch video on Flickr?)

Your thoughts on these Yahoo executives in the comments, and your tips in our inbox, are welcome.

Monday you'll see what I'm talking about. The site will have no RSS feeds etc. [It's] another example of Y! not innovating but rather copying existing products in the marketplace poorly.