Later today, as BoomTown reported last week, Yahoo is putting on a search party.

Well, not a “party” party–although there will apparently be some lunch noshing at the “Search chalk talk,” during which top techies at the Internet giant will talk up the strategy for its more innovative products, such as Build Your Own Search Service (BOSS) and Search Monkey.

Presenting at the event with be: Prabhakar Raghavan, head of Yahoo Labs and Yahoo Search Strategy; Larry Cornett, VP of Consumer Products; and Lee Ott, senior director, Mobile Search.

Yahoo (YHOO) has a search share that hovers around 20 percent, compared to the more than 70 percent that Google (GOOG) has.

At its HQ in Silicon Valley last week, Google put on a similar show-off, called “Searchology,” about its latest search innovations.

And, although they are clearly No. 1 and No. 2, both Google and Yahoo are bracing for the launch a major overhaul of Microsoft’s (MSFT) search offering, which is expected soon and code-named “Kumo.”

It will be interesting to see what Yahoo’s techies focus on, especially as the company’s brass continue to talk with Microsoft about a possible search and online advertising partnership.

I’ll be liveblogging the Yahoo event, which begins at 11:30 a.m. PDT.

Please see this disclosure related to me and Google.

Suddenly, search!

Earlier this week, Google put on a show called “Searchology” about its latest search innovations at its HQ in Silicon Valley.

And next Tuesday, Yahoo will trot out its search extravaganza, called “Search chalk talk,” during which top search techies will talk up its more innovative products, such as Build Your Own Search Service (BOSS) and Search Monkey.

Could all this search blabbing have anything to do with a certain upcoming launch of a new search offering by a very rich and even more determined giant tech company?

As in: Microsoft (MSFT) and whatever it ends up calling its redone search product, code-named Kumo.

Since the launch is likely to be loud and splashy, the No. 1 and No. 2 search players needed to make some of their own noise in advance about their stuff.

So Google (GOOG)–which has a massive lead in search of upward of 70 percent–trotted out Udi Manber, VP of Search Engineering, and Marissa Mayer, VP of Search Products and User Experience, this past Tuesday for a media audience.

The distillation of the event was that doing search well is still really, really hard–a new kind of “rocket science,” in fact, as Manber declared.

(Google’s spaceship crashed a bit today, as it turned out, with an outage, which was blamed on a “traffic jam” in Asia.)

At the event, the search giant also unveiled some new bells and whistles, such as Search Options, including a “Wonder Wheel” and “Google Squared,” as well as “Rich Snippets.”

Not to be outdone, Yahoo (YHOO) will have its own confab for reporters and bloggers next Tuesday morning in San Francisco.

Presenting at the event with be: Prabhakar Raghavan, head of Yahoo Labs and Yahoo Search Strategy; Larry Cornett, VP of Consumer Products; and Lee Ott, senior director, Mobile Search.

Yahoo has a search share that hovers around 20 percent, which makes the upcoming increased competition from Microsoft more problematic.

Which is why the company continues its talks with Microsoft about a search and online advertising partnership.

But until any deal is struck, of course, it will be competition as usual.

Please see this disclosure related to me and Google.

We have taken the proposal Microsoft (MSFT) delivered to us very seriously. We made a public statement why we have not accepted the proposal. In many ways it has been a galvanizing event for all of Yahoo.”

–Yahoo CEO Jerry Yang, Feb. 25

A galvanizing event, indeed. Jerry Yang has about 20 days to convince Yahoo (YHOO) shareholders that they’re better off saving the company than selling it, and he is pulling out all the stops.

Last night Yahoo officially launched Buzz, a social news service where “buzz-worthy” articles are ranked according to user interest. It’s essentially Digg (if Digg was purple), redundant and three years late to the social news market.

“You cast your vote on the most interesting Web stories, images or videos about anything and everything–from a late-breaking political story on a major news site, to the coolest photo of the lunar eclipse, to a shocking celebrity-gossip blog post that shouldn’t be missed,” Yahoo’s Tapan Bhat explained in a post to Yahoo Anecdotal. “The best part is that the stories with the highest Buzz Scores–determined by combining your votes with organic search popularity rankings–may be featured on the Yahoo! homepage, giving you the power to influence what millions of people see on Yahoo!.” (And, yes, that is a Yahoo Buzz! icon appended below. Be sure to click it on your way out and “Buzz” this post up to Yahoo’s homepage.)

Also debuting from Yahoo today, Search Monkey–a set of open-source application programming interfaces (APIs) that allow publishers to annotate search results for their sites. “… Our intent is clear–present users with richer, more useful search results so that they can complete their tasks more efficiently and get from ‘to-do’ to ‘done,’ ” Vish Makhijani, senior vice president and general manager of Yahoo Search, wrote in a post to Yahoo Anecdotal. ” … So instead of a simple title, abstract and URL, for the first time, users will see rich results that incorporate the massive amount of data buried in Web sites.”

So essentially, it’s like Google’s Subscribed Links, but purple and two years late to the market.