Last week–in a clear sign that BoomTown has spent way too much face time in front of the idiot box–I compared the endless bickering back-and-forth between Yahoo CEO Jerry Yang and Microsoft CEO Steve Ballmer to the annoying push-me-pull-you antics of Ross and Rachel on the television show, “Friends.”

But the continuing discussions between Yahoo and AOL execs over the merger of their struggling online companies have their own TV comparison–the never-ending roundelay on “The View.”

In other words: Blah, blah, blah. Chitter-chatter. Pointless arguing. Chin-scratching. More blah, blah. More chatter. Blah.

Thus, there were still more discussions going on at Yahoo HQ this past week about the possible deal, in which Yahoo is code-named Yale and AOL Amherst.

Along with Yahoo CEO Jerry Yang and President Sue Decker, the key Yahoo (YHOO) execs involved in pushing forward the effort, are U.S. head Hilary Schneider, and Greg Mrva, a former investment banker and analyst who is in charge of mergers and acquisitions at the company.

As I previously wrote, the main suits involved in repping the Time Warner (TWX) unit are AOL President Ron Grant and Time Warner M&A SVP Jim Burtson.

“More of the same discussions about how it would all integrate,” said one source close to the situation at Yahoo. “Same as always.”

Added an AOL source, in what I consider the understatement of the year: “There has not been a lot of clarity in decision-making at Yahoo.”

Big surprise: Still no deal!

That’s unusual to me, since all the true obstacles–namely, the collapse of the controversial search advertising deal Yahoo tried to strike with Google (GOOG), AOL and Yahoo’s results coming in as weak as expected and, lastly, a definite lack of interest from Microsoft (MSFT) to rebid for Yahoo–are no longer in the way.

And, of course, Yahoo’s share price–the stock has settled into the depressing $11 to $12 range that gives the company a $15.7 billion valuation–is simply not going up any time soon.

So, if the deal is to be done, the price–or percentage, really–will probably have to be based on today’s reality, which is a very bleak outlook in the graphical online advertising business in which Yahoo plays most strongly.

That’s why dithering is a problem for this possible marriage, despite all the obvious complexity.

For one, it takes all the air out of any momentum such a combination could produce for either Yahoo or AOL, which will be much needed in the current economic environment.

In fact, such an econalypse is actually the perfect cover to try to pull this turnaround–and it is exactly that–off, given few investors or media will expect much from the merger for a while and be more forgiving.

In addition, the slash-and-burn integration needed to drastically refocus the new company–hopefully on three things only: advertising, content and communications–will be easier now more than later when the financial outlook improves.

“Things are going to get a lot worse than people think,” said one AOL exec. “So, this is a really good time for a reset and for cleaning things up.”

It is also easier now to bring in fresh ideas and new leadership to a combined Yahoo/AOL, as a new company will surely give many talented outside execs who have avoided both separately a reason to look again.

I could go on as to why this deal should move forward quickly, but here is one piece of great advice I got several years ago, from a well-known Internet entrepreneur whose company had just taken a big gamble by buying a controversial but fast-growing start-up in a key category.

At the time, many decried the move as too risky and too pricey and too thoughtlessly done. When I asked the exec about this, he did not argue, but offered this:

“No one really knows how anything is going to turn out, no matter how long they think it through,” he said. “But, I believe it will all work out if we execute well on the promise, because I did know one thing for sure: It was the right direction.”

And, indeed, while you can puzzle over a map endlessly, knowing the right direction to go in is the only thing one can be sure of in almost any circumstance in life.

Therefore, all Yahoo and AOL have to do is pick a path–whether it be to move on or merge–and just go.

By tomorrow would work for me.

In the meantime, below is a video I did of Yahoo’s Yang onstage at the Web 2.0 Summit in San Francisco last week, talking about the travails of the last year.

It includes him saying Microsoft should still buy Yahoo, which felt a little too much like a plea to me. (I happened to be sitting next to some Microsoft execs during the speech and they did not look too moved by the begging.)

But judge for yourself–here’s the video (yes, the Web 2.0 Summit organizers did flash a picture of a jar of Jif peanut butter as a joke–ha, ha, referring to the infamous Yahoo “Peanut Butter Manifesto”):

So–at this point–BoomTown feels it is not untoward in asking: What the heck is taking so long for Yahoo and AOL to decide whether or not to merge their struggling operations?

And, after talking to a dozen sources, inside and outside both companies, this week, I can tell you there is definitely one nagging problem: They’re just not that into each other.

“It’s like two people who are not really attracted to each other trying to get married,” said one source close to both companies. “But they also both desperately need a new story and have no other place to go, so they keep at it.”

Make no mistake, though, these arranged marriage negotiations are grudgingly advanced. Oh, they are talking, and how, now engaged in what another source describes as “very serious due diligence.”

Last week, for example, Yahoo (YHOO) and AOL execs had a series of long meetings in New York to discuss what the integration of the various overlapping units–content, advertising, email–might look like and to assess each other’s assets some more.

It was all organized by AOL President Ron Grant–although it is Time Warner M&A SVP guy Jim Burtson (pictured here) who is repping the media giant in the talks–who is more likely to be a player in a merged company than AOL CEO Randy Falco.

Cost savings are a prime motivator in the merger, including whether to have a single back-end system for a variety of products and services and what to eliminate or not.

“Bringing these two companies together is very operationally complex,” said one source close to AOL, which is a unit of Time Warner (TWX). “There are lots of issues to be resolved and you don’t want to wait to deal with them after a merger, because that is asking for disaster.”

For example, as was discussed, what should happen when a person types aol.com into a browser? Should it go to a Yahoo page, or perhaps the AOL sites should remain intact?

And what about the competing mail and communications systems? Yahoo favors its own products, not surprisingly, although its execs were particularly impressed by a presentation by former Bebo head Joanna Shields, who is now president of AOL People Networks, about how its various social-networking and communications assets like AIM will be knitted together in the future.

Left unsaid, although a major gorilla in room, was who would run the whole shebang. Yahoo, of course, is assuming that its execs will dominate, including CEO Jerry Yang and President Sue Decker.

But Time Warner execs, which will own a major stake in the new entity, are worried about the pair’s management abilities, given their recent record, and would prefer that a new leader is brought in to start with a clean and more invigorated slate.

“This is not just unloading AOL for us,” said one person close to Time Warner. “It is also an important strategic move for our future to get this right.”

For its part, Yahoo is still worried about weakening AOL assets, including its large, but low-margin ad network.

AOL’s performance, which has been lackluster in recent times, will be on display in a week when Time Warner announces its earnings on Nov. 5, and Yahoo is watching carefully.

The low price of Yahoo shares is also a problem, given the company would have to give up a big percentage of itself in a deal.

Today, the stock is dipping below $11.50. And it shows no signs of improving, tamped down by the weak economy’s impact on its display advertising business and a feeling that Yahoo management is unable to improve its fortunes.

That makes what percentage Time Warner would get for trading AOL a moving target.

Also worrisome is the still-pending situation with the Justice Department’s investigation into the much-maligned Yahoo-Google search advertising partnership.

Some kind of resolution is expected to be announced this week, a decision on which the Yahoo and AOL talks also hinge.

Most expect the deal to either be neutered significantly or even blocked by regulators. Either way, that’s not good for Yahoo, which is counting on the increased ad revenues from the arrangement.

If it is blocked, Yahoo will have to seek other alternatives.

Like, um, Microsoft (MSFT). According to sources, some members of Yahoo’s board have reached out to the company about renewing talks about a search deal, in case of a Justice Department lawsuit related to its Google deal.

Microsoft execs have also been to visit Time Warner recently. The reason: If Yahoo and AOL do manage to merge, the company will press regulators to not allow Google–which has a search deal with AOL–to continue to be so.

As to Google (GOOG)? It owns five percent of AOL and also has a major interest in what happens to both Yahoo and AOL.

In other words, it’s very, very complicated dance.