I have tried out the personalized home page option for the 3 major sites: Google, MSN (My MSN), and Yahoo (My Yahoo). All three do a good job to allow you to set up page(s) where you can see the information you care on a single page, and users can easily add/modify/delete content on all 3. Here I will focus on the differences among the three. I will also list recommendations on which one to use based on which criteria you value the most.
Below are features that are different among the three:
Presence of ad banner: Google and MSN do not have ad banners, while Yahoo does.