Maybe a simpler syntax will help you:
\documentclass{article}
\usepackage{amsmath}
\usepackage{lipsum} % just for the example
\newlength{\sbswidth}
\newenvironment{sidebysideeq}[1][0.5]
{\[% start equation
\setlength{\sbswidth}{#1\linewidth}%
\minipage{\sbswidth}
\centering
$\!\aligned
}
{\endaligned$\endminipage\]}
\newcommand{\breaksideeq}{%
\endaligned$\endminipage
\setlength{\sbswidth}{\dimexpr\linewidth-\sbswidth}%
\minipage{\sbswidth}
\centering
$\!\aligned
}
\begin{document}
\lipsum*[2]
\begin{sidebysideeq}
y_1(x)=x^2
\breaksideeq
y_2(x)=2x+1
\end{sidebysideeq}
\lipsum*[3]
\begin{sidebysideeq}[0.3]
y_1(x)&=x^2\\
y_2(x)&=x^3-x
\breaksideeq
y_3(x)=2x+1+a+b+c+d+e+f+g
\end{sidebysideeq}
\lipsum[2]
\end{document}
The optional argument to sidebysideeq tells the fraction of \linewidth reserved for the left part, default is 0.5.

One can easily add a key-value interface for setting more aspects of the environment: here I use a key for the left fraction and for the reciprocal vertical alignment. The default values are equivalent to left=0.5 and align=c. The possible values for align are c, t or b (but the last one is probably not really useful).
\documentclass{article}
\usepackage{amsmath,keyval}
\usepackage{lipsum} % just for the example
\makeatletter
\define@key{SBS}{left}{\def\SBS@left{#1}}
\define@key{SBS}{align}{\def\SBS@align{#1}}
\def\SBS@left{0.5}
\def\SBS@align{c}
\newlength{\sbswidth}
\newenvironment{sidebysideeq}[1][]
{\[% start equation
\setkeys{SBS}{#1}%
\setlength{\sbswidth}{\SBS@left\linewidth}%
\minipage[\SBS@align]{\sbswidth}
\centering
$\!\aligned[\SBS@align]
}
{\endaligned$\endminipage\]}
\newcommand{\breaksideeq}{%
\endaligned$\endminipage
\setlength{\sbswidth}{\dimexpr\linewidth-\sbswidth}%
\minipage[\SBS@align]{\sbswidth}
\centering
$\!\aligned[\SBS@align]
}
\makeatother
\begin{document}
\lipsum*[2]
\begin{sidebysideeq}
y_1(x)=x^2
\breaksideeq
y_2(x)=2x+1
\end{sidebysideeq}
\lipsum*[3]
\begin{sidebysideeq}[left=0.3,align=t]
y_1(x)&=x^2\\
y_2(x)&=x^3-x
\breaksideeq
y_3(x)=2x+1+a+b+c+d+e+f+g
\end{sidebysideeq}
\lipsum[2]
\end{document}

If you want to support \tag, then a more complex approach should be taken.
\documentclass{article}
\usepackage{amsmath,keyval,environ}
\usepackage{lipsum} % just for the example
\makeatletter
\define@key{SBS}{left}{\def\SBS@left{#1}}
\define@key{SBS}{align}{\def\SBS@align{#1}}
\def\SBS@left{0.5}
\def\SBS@align{c}
\newlength{\sbswidth}
\NewEnviron{sidebysideeq}[1][]{%
\par\centering
\setkeys{SBS}{#1}%
\penalty\predisplaypenalty
\if\SBS@align t\vskip-\baselineskip\vskip\prevdepth\fi
\setlength{\sbswidth}{\SBS@left\linewidth}%
\expandafter\make@sidebysideeq\BODY\@nil
}
\def\make@sidebysideeq#1\breaksideeq#2\@nil{%
\begin{minipage}[\SBS@align]{\sbswidth}
\vskip-\baselineskip\vskip\abovedisplayskip
\begin{align*}#1\end{align*}
\vskip\belowdisplayskip
\end{minipage}%
\setlength{\sbswidth}{\dimexpr\linewidth-\sbswidth}%
\begin{minipage}[\SBS@align]{\sbswidth}
\vskip-\baselineskip\vskip\abovedisplayskip
\begin{align*}#2\end{align*}
\vskip\belowdisplayskip
\end{minipage}
}
\makeatother
\begin{document}
\lipsum*[2]
\begin{sidebysideeq}[align=t]
y_1(x)=x^2
\breaksideeq
y_2(x)=2x+1
\end{sidebysideeq}
\lipsum*[3]
\begin{sidebysideeq}[left=0.3,align=t]
y_1(x)&=x^2 \tag{*}\\
y_2(x)&=x^3-x
\breaksideeq
y_3(x)=2x+1+a+b+c+d+e+f+g
\end{sidebysideeq}
\lipsum[2]
\end{document}

\minipageand\endminipage. – egreg Jan 18 '15 at 00:47#1? – arynhard Jan 18 '15 at 00:51\minipage{#1\linewidth}, I think. – cfr Jan 18 '15 at 02:340.5\linewidth+0.5\linewidth+0.5cmis going to give you an overfull box .5cm too wide. plus the paragraph indent, unless latex breaks it to two lines (which it may since you don't end the first minipage with a%; i didn't try). – barbara beeton Jan 18 '15 at 14:41