Years ago, when the first rumors of Microsoft buying Yahoo started making the rounds, I was jazzed to get Flickr into the MS framework of what would become Live services. I always felt MS missed the boat in not buying Flickr, so if they could integrate it into their portfolio of services in the acquisition, it would complete the portfolio for me. So now that the offer is on the table, we will see how it goes.
Though also thinking about it, with the latest Windows Live Photo Gallery, it already integrates into Flickr for publishing, so maybe MS has already blurred the lines of integration, and collaboration of these services.
We shall see if this really happens, and services will remain once the dust settles.