The meta description tag is VERY important, especially in Yahoo. And Yes, to get the most out of it for ranking weight, each page should have a custom written meta description tag included that specifically targets whatever set of keywords you're going after for that page.
Too many people don't read enough to know this and think that just because the Meta Keywords tag is virtually worthless, that the description tag is also, but that couldn't be farther from the truth.
If you have the time, custom write a different meta description tag for every page on your site. I personally don't have the time to do it on my own sites, but for my seo clients sites, we always do. At some point, I'll make someone sit down and do it on our site. Most of our work is through referals and forums so at this point we haven't had time to worry about our rankings much for our main web development and seo site. Pretty sad, but at least we still have work 
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