Pipes is a service platform for processing well-structured data such as RSS, Atom and RDF feeds in a Web-based visual programming environment. Developers can use Pipes to combine data sources and user input into mashups without having to write code. These mashups, analogous in some ways to Unix pipes, can power badges on personal publishing sites, provide core functionality for Web applications, or serve as reusable components within the Pipes platform itself.
This video below (Google TechTalk) provides a very interesting introduction to Yahoo! pipes.
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