Th engine is very raw, not much to see just yet.
P.S.
Here's a preview of Yahoo's new look (like Google):
http://new.search.yahoo.com/
And check the regular MSN search for changes as well, no more PPC results.
I like this new engine, it ranks my site considerably higher for most keywords that I find relevant than google does. Other than that, I don't think I will use this myself, even when MS does release it for general consumption.
I think this is more than anything a publicity play to help null out any negative comments about longhorn's search features.
I think it's a move to counter two specific complaints:
1) That MSN search is vaporware
2) That MSN's bots are tearing up bandwith like there's no tomorrow.
Some webmasters didn't want to feed the bot content with no sight of an engine.
The algo in this example is horrid, but the index is pretty large by my tests,especially when considering that it is a beta.