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How does it compare?

Well, the objectives may be similar but Yahoo's execution is much more deliberate.

While Google's 20% time is a corporate policy that encourages side-projects (that may see see the light of day in the form of a beta product), Brickhouse is Yahoo's full-fledged effort to develop novel ideas in-house that it has been historically purchasing at premium prices.

It seems that Brickhouse, as a division, is able to pursue small, "startup-like" ideas that might stray from Yahoo's corporate vision.

I would suspect that here, they pull you directly away from your current projects, to work on the new Startup- This isn't 20% time, it's "Work on your own time until you have a good prototype.. Then, 100% time"
What are the restrictions? I somehow doubt that you can do whatever you want.
I don't know; I don't work there. :)

It's still a company, after all. They pursue interesting, and even perhaps daring, ideas as a team. I didn't see any implications of a chaotic operation.