Yalkut Yosef is a revolutionary work for the Sefardic world. He covers every aspect of practical Halacha as understood by his father Hacham Ovadia (who mostly follows the Shulchan Aruch) and applies them to modern day situations. He is extremely comprehensive and generally brings down every relevant opinion in his footnotes. He does all this in a clear, understandable, and easy-to-read manner which targets a wide range, from the Talmid Hacham to your average layman.
Is there a Sefer like this for Ashkenazim? The Mishna Berura (Biur Halacha and Shaar HaSiyun) are more for Lamdanim to learn from. What's great about Yalkut Yosef is that everyone can learn from it.
I even was speaking to an Ashkenazi Yeshiva Bochur about this today.