We're all disappointed with Yahoo's recent decision to cancel their Richard Bangs online travelogue and have blogged about it a couple of times here at Gadling. Tears will not be shed for long, however, as Yahoo has launched another travel project that partially redeems themself.

Inspired by the popularity of YouTube, Yahoo Current Traveler invites the public to submit their favorite travel related video clips to be aired on the site. The defining difference, however, is that every week the very best clip will be awarded a prize of $600.

The site is currently divided into five categories, North America, South America, Asia, Middle East & Africa, and Europe. As of yesterday, there were only 75 videos listed but this will surely change as the site is still very new.

So what kind of talent is this $600 prize attracting, you ask?

I clicked into the Europe section and watched a two-minute video about the caves in Cappadocia, Turkey. The video was nicely shot and edited and included some amateur voiceover by the college student who filmed it. Yahoo inserted their own campy introduction as well as a couple of informative pop-ups. In short, it was very professionally put together and entertaining in the way a travel piece should be.

The site also has content produced by Yahoo itself. For example, they got Bono to film The Edge walking around Miami Beach and strumming a guitar with a local lifeguard. Other similarly produced segments ensure that the slew of semi-professional work submitted by the masses is supplemented with some very good quality pieces to round out the mix.

So, hats off to Yahoo for putting together an impressive travel site that leaves us asking the perennial question: why didn't I think of that?

Good job, guys!

Filed under: Video