Proof of Yoneda(ii).

Suppose for the moment that C is small, so that [C,Set] is locally small. Given two functors C×[C,Set]→Set: the first sends an object (A,F) to FA, and a morphism (A→fA′,F→αF′) to the diagonal of
  F A       F A′


FααFfAA′fF′ ′A       F ′A ′
The second is the composite

C×[C,Set]→Y×1[C,Set]op×[C,Set]→[C,Set](∙,∙)Set

where Y is a Yoneda embedding. Then Φ and Ψ define a natural isomorphism between these two.

In elementary terms, this says that if x∈FA, and x′∈F′A′ is its image under the diagonal, then Ψ(x′) is the composite

C(A′,∙)→C(f,∙)C(A,∙)→Ψ(x)F→αF′.

This makes sense without the assumption that C is small, and it’s true since the composite maps

1A′↦f↦(Ff)(x)↦αA′(Ff)(x).□