Much anticipated news from Yahoo! today that their PPC platform is being upgraded.

In an attempt to make up some ground with Google, who are the clear market leaders for PPC advertising, Yahoo! Search Marketing is releasing details of what should be a complete overhaul of its PPC system.

As MSN dump Yahoo!’s PPC ads in favour of their own PPC engine, there is little surprise at the timing of the announcement, although there remains some doubt over the precise deliverables. We can expect a long overdue facelift of the campaign management interface (we hope that it improves the speed) in the short term but it may be Autumn before the new platform is fully launched.

Watch this space for updates as and when we find out more but we expect the new system to be similar to Google’s Adwords platform. The company’s chairman and chief executive Terry Semel said last month that he remained “very excited about Yahoo’s prospects”.