Yahoo! continues to employ display banners on its mobile web pages. All during fashion week Yahoo! was promoting it's own content services along with Elle Magazine with banners for Fashion week.
Here are some of the example banners that they were using in New York:
Here is a link to the page that the banners went to: oneSearch http://us.m.yahoo.com/p/search?p=fashion
Among the content that they promote on this search result page are Flikr photos, celebrity blogs, Elle content, links to Yahoo! News, Yahoo Local New York City Guide, and advertisers featured collections in Elle including Burbury, Armani and DK.
Yahoo is really pushing all of it's broad "portal" services in search these days and what better channel to promote it than tied to local events and local mobile banner advertising.