The YackTrack idea came about a short while ago when there was some discussion regarding blog conversations and commenting. Given that the nature of the Internet is distributed, there would always be a problem of who said what where. This problem is just getting worse with the addition of services like Disqus.com, FriendFeed.com and Twitter.com. All of these services allow the user to comment on a topic regardless of the original source of the information.
Another important feature of YackTrack is Chatter. Chatter gives you a keyword search for the social media sites. This allows you to see "chatter" on various sites that talk about a specific keyword. So if you are looking for mentions of Comcast, the cable company, you just enter comcast in the Chatter search box and click the "Find Chatter" button. Similar services exist, but most services are focused just on Twitter chatter.