Update: Andy in the comments notes that Yahoo spoke about a similar idea to Yahoo Underground back in October 2006, which might be fodder against the "April Fools" theory.
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We got a tip off a few minutes ago about the appearance Yahoo Underground, a new site under the Yahoo! News brand. After playing around with it for a while, the only explanation we can think of is that Underground aims to be a user generated news site for off-beat news, subcultures and creative-types.
It's a quirky, youth-oriented site that's encouraging users to make use of Jumpcut, Yahoo Video and Flickr for news gathering. Upcoming.org also gets a mention, presumably to help these offbeat characters to connect.
Or at least, we think it is, since Underground makes no real attempt to explain itself - why bother when you're this cool? Brad Miskell is your host for this inscrutable new launch - let us know if you can get to grips with it.