There was a fascinating article in the New Yorker from a few weeks back on AOL and their strategy over the past few years. As someone who hasn't actually visited aol.com in 10 years or so, it was pretty interesting. I didn't submit it because you have to subscribe to the New Yorker, but in case there are any New Yorker reading HNers who missed it:

http://www.newyorker.com/reporting/2011/01/24/110124fa_fact_...