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Being listed in Y! Directory doesn`t effect your rankings in yahoo in a direct way. Your listing will simply be regarded as a link by various search engines, and Yahoo Directory and DMOZ are one of the first places spiders start to crawl.
But Yahoo directory pages many times appear in top SERP results and thus can give you lots of traffic benefit, Yahoo directory can also be considered as an authority site, so listing in it will have an added advantage in not only Yahoo but Google and other SEs too.
SO if you have $299 to spare, Yahoo listing is a good bargain, but I generally suggest to submit in few good directories before moving to Yahoo.
-- Just my opinion --
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