Yahoo put up an API for term extraction. You give it a sample text and it pulls out the relevant words. This could be really handy for keyword research or SEO. You could even implement your own contextual advertising program, if you were ambitious...
One potential downside - this is the API to the technology that Yahoo uses to extract terms when you do a Y!Q "relevant items" search. When I played with Y!Q way back in February, I found that it didn't extract the terms I really wanted it to...