Around 3pm PST today Yahoo Panama will be ranked by bid price and quality score, taking over the old bid to position system. There have been reports of Yahoo testing the new algorithym just last week, so expect Yahoo engineers and advertisers alike to be keeping a close eye on ads over the next couple of days.

The NY Times reports

Last Thursday, the company ran a test in which searches originating on the West Coast ran the new ad ranking system. The team started at 3 a.m., and by lunchtime, the engineers gathered in the war rooms, many with bags under their eyes, and appeared satisfied things were running smoothly.

“Our tests today went beautifully,” said Mark Morrissey, vice president for product at Yahoo Search Marketing.

Just how beautiful is the new algo then? We will soon be finding out.