Kind of like that, only a lot more flexible in what it can do since it isn't a public service. You can run arbitrary DB Queries, and it supports more sources of data like FTP and files dropped on the local file system.
I doubt it borrowed from Y! Pipes in particular. There is a category of server software called the "integration engine" that has been around for a while. The purpose of it is to integrate multiple third party vendor systems, so you aren't locked in to one vendor for everything. You see it a lot in industries that use software but aren't about software like health care or finance.
